The Economics of Disaster – Effective Financial Instruments

Description

While disaster reduction efforts have contributed to reductions in mortality, economic damages are rapidly on the rise. The value of global GDP exposed to tropical cyclones, for instance, has more than tripled from US$564 billion in 1970 to US$1.9 trillion in 2010. Nearly two-thirds of Governments reporting on their progress toward the Hyogo Framework for Action referred to specific allocations for disaster risk reduction in their national budget. However, greater commitment is required to advance comprehensive approaches to investing in disaster risk reduction that embrace government and private sector spending and provide the incentives for the private sector and households to protect their investments.
The panel is composed of senior authorities that have responsibility for managing public and private budgets. Based on their experience, the panellists, in an active dialogue with participants from the floor, will outline what determines national, local and corporate spending as well as the most effective instruments that will ensure that investments reduce risk to natural hazards.
Finally, the panel will be asked to provide specific recommendations to address critical gaps in our current tracking of investment in risk reduction.

Chair/Moderator/Faciliator

Ms. Raghida Dergham, Senior Diplomatic Analyst, Al Hayat News Agency (MODERATOR)
Ms. Asha-Rose Migiro, Deputy Secretary-General of the United Nations (CHAIR)

Speakers

Ms. Kristalina Georgieva, European Commissioner for International Cooperation, Humanitarian Aid & Crisis Response
Mr. Woochong Um, Deputy Director General, Asian Development Bank
Mr. Oscar Ortiz, Mayor of Santa Tecla, El Salvador
Mr. Nirankar Saxena, Director, Federation of Indian Chamber of Commerce and Industry, India
Mr. Dato Seri Mohamed Aziz, Minister in the Prime Minister’s Department, Malaysia

Report

> Report on The Economics of Disaster – Effective Financial Instruments Plenary Session [PDF, 163.98 Kb]