Recent work has used quantified measures of well-being and multi- objective decision-support tools to balance among equity and efficiency objectives in disaster risk management . Rather than focus on the economic value of lost assets, the well-being measure evaluates disaster impacts and recovery policies by considering the fraction of consumption lost at the household level for different income cohorts. Not surprisingly, poor households account for twice as much of the disaster losses when evaluated by effects on well-being rather than by asset losses. The most effective policy responses also differ when using well-being and asset loss-based measures. Ciullo et. al.  compare flood control strategies using multi-objective decision criteria that include both benefit-cost and distributional components, show how the favoured strategy can depend on whether one seeks equitable risk or equitable risk reduction, and propose tools that can help embed both ethical and efficiency considerations in adaptation decisions. Widespread use of such approaches could strengthen consideration of climate justice along with efficiency in the evaluation of climate risks and adaptation .
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report