One-off catastrophic events, so called “Black Swan” operations like 9/11, have extremely limited impact. Short term shock is significant, but long term consequences are very few.
There are at least two important conclusions we can draw from this.
First, operations against “supply-side” targets would inflict greater direct loss than attacks against symbolic targets. If actual productive capacity is targeted, rather than aiming to cause mass casualties, it will cause deeper and longer impact and would pose a more difficult challenge to economic resilience.
Second, persistent smaller scale operations undertaken frequently and over an extended period of time will hinder adaptability and neutralize the value of the “wait-and-see” approach of investors towards market uncertainty