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Space weather is a collective term for different solar or space phenomenathat can detrimentally affect technology. However, current understanding ofspace weather hazards is still relatively embryonic in comparison toterrestrial natural hazards such as hurricanes or earthquakes. Indeed, certaintypes of space weather such as large Coronal Mass Ejections (CMEs) are anarchetypal example of a low probability, high severity hazard. Few majorevents, short time-series data and a lack of consensus regarding the potentialimpacts on critical infrastructure have hampered the economic impact assessmentof space weather. Yet, space weather has the potential to disrupt a wide rangeof Critical National Infrastructure (CNI) systems including electricitytransmission, satellite communications and positioning, aviation and railtransportation. Recently there has been growing interest in these potentialeconomic and societal impacts. Estimates range from millions of dollars ofequipment damage from the Quebec 1989 event, to some analysts reportingbillions of lost dollars in the wider economy from potential future disasterscenarios. Hence, this provides motivation for this article which tracks theorigin and development of the socio-economic evaluation of space weather, from1989 to 2017, and articulates future research directions for the field.

The Economic Impact of Critical National Infrastructure Failure Due to Space Weather