Every Year 26 Million People into Poverty and Cost $520 bn Losses Unbelievable.
Natural Disasters Force 26 Million People into Poverty and Cost $520bn in Losses Every Year, New World Bank Analysis Finds
Human and economic prices of disasters underestimated by up to 60 %
MARRAKESH, Nov fourteen, 2016– The impact of maximum natural disasters is admire a world $520 billion loss in annual consumption, and forces some twenty six million individuals into impoverishment annually, a replacement report from the globe Bank and therefore the world Facility for Disaster Reduction and Recovery (GFDRR) reveals.
“Severe climate shocks threaten to roll back decades of progress against impoverishment,” same United Nations agency cluster President Jim Yong Kim. “Storms, floods, and droughts have dire human and economic consequences, with poor individuals usually paying the heaviest worth. Building resilience to disasters not solely makes economic sense, it's an ethical imperative.”
The report, Unbreakable: Building the Resilience of the Poor within the Face of Natural Disasters, warns that the combined human and economic impacts of maximum weather on impoverishment area unit way more devastating than antecedently understood.
In all of the 117 countries studied, the result on well-being, measured in terms of lost consumption, is found to be larger than quality losses. as a result of disaster losses disproportionately have an effect on poor individuals, WHO have a restricted ability to deal with them, the report estimates that impact on well-being in these countries is admire consumption losses of regarding $520 billion a year. This outstrips all alternative estimates by the maximum amount as sixty per cent.
With the climate summit, COP22, underway, the report’s findings underscore the urgency for climate-smart policies that higher defend the foremost vulnerable. Poor individuals area unit usually additional exposed to natural hazards, losing additional as a share of their wealth and area unit usually unable to draw on support from family, friends, money systems, or governments.
Unbreakable uses a replacement methodology of activity disaster damages, factorisation within the unequal burden of natural disasters on the poor. Myanmar’s 2008 Cyclone Nargis, as an example, forced up to 1/2 the country’s poor farmers to dump assets together with land, to alleviate the debt burden following the cyclone. Economic and social repercussions of Nargis are going to be felt for generations.
The report assesses, for the primary time, the advantages of resilience-building interventions within the countries studied. These embrace early warning systems, improved access to private banking, insurance policies, and social protection systems (like money transfers and construction programs) that might facilitate individuals higher answer and live through shocks. It finds that these measures combined would facilitate countries and communities save $100 billion a year and cut back the general impact of disasters on well-being by 20 %.
“Countries area unit enduring a growing range of surprising shocks as a results of temperature change,” same Stephane Hallegatte, a GFDRR lead economic expert, WHO light-emitting diode preparation of the report. “Poor individuals want social and money protection from disasters that can't be avoided. With risk policies in situ that we all know to be effective, we've got the chance to stop a lot of individuals from falling into impoverishment.”
Efforts to make poor people’s resilience area unit already gaining ground, the report shows. as an example, Kenya’s social protection system provided extra resources to vulnerable farmers well before the 2015 drought, serving to them steel onself for and mitigate its impacts. And in Asian country, once best floods in 2010, the govt. created a rapid-response money grant program that supported recovery efforts of associate degree calculable eight million individuals, lifting several from near-certain impoverishment.
Building resilience is essential to meeting the globe Bank Group’s twin goals of ending world impoverishment and boosting shared prosperity.
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