Scenarios which had been consigned to the “tail” of normal distributions even in traditional stress testing exercises suddenly became actual scenarios, leaving institutions scrambling for new techniques and paradigms to manage currency and interest rate risks. This has been, as we know, eloquently captured by Nassim Nicholas Taleb in his black swan theory which describes occurrence of highly unexpected events causing high impact.
Or is the effect on production levels more permanent, so that the growth rate returns to normal, but the level of production now follows a persistently lower trend track? These lumps and bumps can affect how you interpret the data, and they're not always about natural disasters. A recent example can be seen in public sector wages growth.