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Impact can be expressed as the relationship between hazard effects and vulnerability. As the hazard grows in potential magnitude and its potential effects increase equivalently, the overall impact grows if vulnerability remains the same. If vulnerability also increases the progression in impact may be geometrical. If positive measures reduce vulnerability, impact may remain at the same level or even decreases in spite of intensity increases.

It is important to note that we can characterize impacts as either hazard specific or as functionality specific. For example, a hurricane has storm surge, beach erosion, coastal flooding, inland flooding, and wind related impacts. But we can also examine impacts as functional – electric power utility outages may happen in hurricanes, earthquakes, winter ice storms, urban fires, terrorism, etc. Understanding impacts both ways are important. The hazard specific approach informs planning for specific events. The functional approach is important to decreasing the vulnerabilities of functions and systems.