Hazards can have economic, social and environmental consequences. For each hazard event the risks, or probability, of a particular consequence occurring can vary greatly.
This depends on certain factors. For example in a developing country, the death toll tends to be high but the short-term economic costs are often relatively low, whereas in a developed country, the death toll tends to be low but the short-term economic costs can be extremely high.
The long-term situation is more complex. Developing countries can be slower to repair damage to roads and buildings. This can lead to a reduction in tourists and therefore a long-term loss of valuable income.