Ava Corbyn
The direct costs of animal sickness, such as animal mortality, morbidity, and associated response costs, are traditionally the subject of Cost Benefit Assessments (CBAs). However, these methods frequently fall short of capturing the potential impacts on a larger, more dynamic market. These market disruptions may continue for quite some time after the first disease epidemic. More generally, present methods also confound indirect cost criteria, clouding discussions of the magnitude of disease-related economic repercussions. An econometric technique called time series analysis examines the statistical correlations between data series across time, providing information about how market dynamics might alter in the wake of a disease outbreak. An epidemiological model first predicted FMD disease trends based on potential prevention measures. In order to calculate the indirect costs of different vaccine stock strategies due to FMD, output from the epidemiological model was employed in a multivariate vector error correction model. The economic losses suffered in markets following the declaration of disease independence were referred to as indirect costs. Therefore, the price and quantity consequences that follow a disease outbreak in six agricultural markets are included in our concept of indirect costs. Our research clarifies and offers a framework for calculating indirect costs that may be used to estimate the costs of endemic and exotic illnesses, respectively. Standard accounting CBAs do not take into consideration the influence of prices and simply capture isolated actions. The wider knock-on price effects between sectors, which are frequently missed in CBAs but are required to support decision-making in animal disease preventive and control programmes, are captured by our framework in addition to defining when indirect costs begin.