Tangible damages are economic damages including medical and rehabilitation expenses and lost wages.
They are basically the physical damage to the assets like
- industrial production
- traffic disruption
- emergency costs
The tangible damages can be easily quantified.
Intangible damages are harms like pain and suffering. They don’t have any monetary value assigned to them. It is more challenging to evaluate intangible losses because they are not easily identified as bills.
The intangible damages could be
- Loss of life
- Health effects
- Pain and suffering
- Emotional distress
- Loss of consortium
- Loss of enjoyment of life
- Loss of ecological goods
- The inconvenience of post-flood recovery
- Increased vulnerability of survivors