aggregate level. The benefits from insurance, for instance, arise probably more from such micro‐benefits than from the macro‐effects discussed earlier (even though the latter is not negligible and should not be overlooked). The macro‐level concept of economic resilience presented here should thus be completed with other aspects regarding the ability of firms to cope (see a framework to define firm resilience in Rose and Krausmann, 2013) and the ability of household to cope (see for instance Adger et al., 2002; Morris et al., 2002). Hallegatte (2014) builds on this work to propose a more comprehensive economic resilience indicator, taking into account the macro‐level as described here and additional micro‐level effects (including the role of inequalities and social protection).

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