By Jagan Chapagain, Secretary General, International Federation of Red Cross and Red Crescent Societies; and Andrew Steer, President and CEO, World Resources Institute
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We know that investing in disaster preparedness is worth it – both in terms of human lives saved and economic returns. Research by the Global Commission on Adaptation, for example, shows that benefit-to-cost ratios for climate-adaptation investments range from 2:1 to 10:1.
To be sure, preparing for major shocks involves substantial outlays. Building resilience to climate impacts could cost $140-300 billion annually by 2030, while meeting World Health Organization minimum standards for pandemic preparedness will require up to $3.4 billion per year.
But these sums are small compared to the costs of not being prepared. Natural disasters already cost hundreds of billions of dollars a year; with a 2˚C increase in temperature, according to one estimate, damages from climate change could reach $69 trillion by 2100.
The human cost is high, too. An analysis by the International Federation of Red Cross and Red Crescent Societies (IFRC) last year found that doing nothing could increase the number of people who need international humanitarian aid because of floods, storms, droughts and wildfires every year – currently 108 million – 50% by 2030. The total could nearly double, to 200 million people, by 2050.
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