Such uncertainty is perhaps best characterised as Knightian: given the novelty and magnitude of the change, uncertainty cannot easily be boiled down to a calculus of probabilities. 3 Entrepreneurs and investors seek to exploit the new opportunities created by the improved environment. Households seek to raise consumption in anticipation of higher future incomes and wealth.
To help manage a regional event, the white paper sets out as a sound practice that financial utilities should plan to recover and fully resume operations on an intraday basis. The paper notes that an emerging sound practice is for these utilities to plan to recover and to resume operations within two hours or less. Of course, actual recovery times will depend on circumstances.