I would like to see some photographs of shelters made with a space blanket. The only use I have put one to so far is to put it under me in a tent and make some shade by duct taping it to two poles. It seems too small and frail to make a shelter with.
I think a 7’ jumbo trash bag might be more useful. If it is raining you can stand in it and pull it over your head. You can use it as a ground sheet. You could split it in half and make an A-frame or L shaped lean-to shelter with part under you and part over you. You could make a tube tent out of it. You can put leaves in it to make a blanket. You can put snow in it and place it on a dark surface to make water. Smaller trash bags are not as useful. There is the Coghlan’s Emergency Bag and the Survival and Outdoor Safety trash bag. I have tried both. The SOS bag is thinner and folds smaller. The MPI heavy duty Space Blanket and a 7’ trash bag make for a great survival shelter. Add about 15’ of cord and 6 small steel tent stakes and you can slap up a shelter in a matter of minutes. These items easily fit in my CamelBack Blowfish aka survival bag.
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Thermo-regulate, hydrate and communicate.