Natural disasters: perspective paper - Ilan Noy

This report addresses three issues that it argues are the most pertinent to addressing the need to deal with catastrophic, low-probability storms and earthquakes (likely to occur in Asia and/or the Caribbean): (i) the large benefits and benefit/cost ratios from early-warning systems; (ii) the feasibility of an international disaster risk reduction intervention fund and its guiding principles; and (iii) an evaluation of the Copenhagen Consensus methodology that relate to the Kunreuther and Michel-Kerjan challenge paper. The report concludes with the recommendation of a Global Fund for DRR that will work directly with governments by providing appropriate incentives to emphasize the establishment of early warning systems alongside a careful weighting of local circumstances and the most efficient allocation of scarce funds.