What is a shock?

Threshold definitions

The definition of a threat class has been made more explicit, adding specific ‘Criteria for inclusion’, i.e. minimum thresholds for the inclusion of the class of threat on our taxonomy. These criteria are intended to eliminate smaller types of threat that might cause localized severe impacts but not register on a global scale. The thresholds are proposed to help prioritize the focus and resources of the System Shock project.

The revised definition is:

A potential cause of a socio-economic catastrophe that would threaten human and financial capital, damage assets, and disrupt the systems that support our society, at a national or international level

Criteria for inclusion:

An event of this type has occurred in the past 1,000 years, or could occur somewhere in the world with an annual likelihood of greater than 1 in 1,000 (0.1%), with impacts in a single year above at least one of the following minimum thresholds:
•Human Injury: Kill more than [1,000] people or injure or make seriously ill more than [5,000] people
•Disruption: For a major region or nation, or for a particular international business sector, it would cause normal life patterns and commercial productivity to be substantially interrupted for more than [one week]
•Cost: Physical destruction of property and infrastructure costing [$10 billion] to replace, or similar level of loss of value of assets
•Economic impact: At least one country loses at least [1%] of Gross Domestic Production