Benefit-Cost Analysis of the Seismic Risk Mitigation for a Region with Moderate Seismicity: The Case of Tiberias, Israel

While high seismic-active regions have been widely investigated, areas with low seismic hazard has not been adequately addressed as being exposed to high risk of significant losses due to their vulnerable built environment and high exposure of population. A risk-based methodology for determining a cost-efficient risk mitigation plan, along with comprehensively seismic risk assessment, is needed for seismic-quiescent areas in facilitating cost efficient seismic mitigation plans. This article presents a methodology for investigating the economic feasibility of the building retrofit by means of benefit-cost analysis. The objectives of this study are (1) to assess the seismic risks with building and demography parameters which can fully represent the characteristic of local built environment, (2) to conduct benefit-cost analysis of the seismic mitigation activities, and (3) to verify the applicability of the present methodology by a case study. This study intends to provide public decision makers a standardized methodology for justifying the economic feasibility of seismic risk mitigation alternatives so that a cost-efficient public earthquake mitigation strategy can be achieved.