The new method, developed at VTT Technical Research Centre of Finland, will improve the estimation of the probability of extreme events and will thus contribute to preparation for natural hazards in an economically optimal but safe manner. This will happen via updating building codes and land-use planning regulations. The new method will have wide applications, because extreme value analysis is also in use e.g. in the development of artificial intelligence, in economics and in the analysis of medical data.
     “Extreme value analysis of natural phenomena aims at appropriate preparation against hazardous extreme events. Therefore, it forms the foundation of all regulations that aim at securing the safety of buildings and infrastructure. Stronger constructions and protection arrangements increase costs, so that economic optimation is another issue here. Good estimation of the probability of extreme events is particularly important for those constructions for which indirect damage caused by a rare extreme event is exceptionally heavy, such as in the case of nuclear power plants and large dams”, says Lasse Makkonen, researchers at VTT.
     The study can be read at https://www.sciencedirect.com/science/article/pii/S2589915518300129.