For many countries, however, the impact of disasters can be much more devastating. An effective strategy to managing climate and disaster shocks calls for resilience, risk financing instruments and institutional capacity that empowers early response and gives teeth to recovery and reconstruction plans.
A massive storm system brought historic flooding across South Eastern Europe in 2014, causing more than $2 billion in damages in Bosnia and Herzegovina and shrinking Serbia’s economy by nearly a full percent. Two years later, in August 2016, thunderstorms in the Former Yugoslav Republic (FYR) of Macedonia dropped 93 liters of precipitation per square meter in just a few hours, sparking flash floods in the capital, Skopje, that killed at least 21 people.
In both cases, some of these impacts could have been reduced by improving cross-border monitoring and forecasting while strengthening early warning services at a national level. Fortunately, governments are now working together to improve information exchanges across boundaries and strengthening regional early warning systems through the South-East European Multi-Hazard Early Warning Advisory System.
For a family, having a place to call home is everything. Housing tends to be a family’s most important asset – often, in fact, their only asset, especially for the poor. But more than a home, housing is also the workplace, collateral for loans and an important vehicle for job creation. In the U.S., housing contributes more than 15% of the GDP.
The dream of housing, however, can quickly turn into a nightmare – for both families and for governments. Disasters can erase decades of progress in reform and poverty reduction in a matter of seconds, hurting the poor and vulnerable the most. A review of the World Bank’s Post-Disaster Needs Assessments (PDNAs) since 2000 shows that housing comprises 40%-90% of damages to private property.
With all the other hazards facing Africa, it’s easy to forget that East Africa is home to the 6000-km long Rift Valley System—the largest continental seismic rift system on earth. The sub-region covers 5.5 million km2 and is inhabited by about 120 million people.
The Rift Valley is not subject to the high-magnitude earthquakes that we see along subduction zones, such as those in the Ring of Fire—the area in the basin of the Pacific Ocean known for its many earthquakes and volcanic eruptions—which can produce catastrophic consequences, as we’ve just seen in Indonesia. In the Rift Valley, residents have not experienced a high-magnitude earthquake in their lifetime, leading many people to deduce that the seismic risk is low or non-existent.
The IMF/World Bank Group Annual Meetings is an event you won't want to miss. Join us for a week of seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world's financial system. This year's events will take place in Nusa Dua, Bali, Indonesia, October 8-14, 2018.
Find out why the World Bank, countries, and partners are coming together to try to close the massive human capital gap in the world today.
The World Bank Group, the International Monetary Fund, and the Government of Indonesia are also co-sponsoring a first-ever technology fair to bring innovation to the heart of the Annual Meetings.
This three-day “showcase” will feature 28+ innovators – companies from around the world – who will demonstrate the powerful role that technology can play in spurring development, strengthening financial development and inclusion, and improving health and education outcomes. The 2018 Innovation Showcase will run from October 11-13 in the Bali International Convention Center.
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The 2016 monsoon was much heavier than usual affecting almost all of Bhutan, especially in the south.
Landslides damaged most of the country’s major highways and smaller roads. Bridges were washed away, isolating communities.
The Phuentsholing -Thimphu highway which carries food and fuel from India to half of Bhutan was hit in several locations, and the Kamji bridge partially collapsed, setting residents of the capital city and nearby districts into panic for fear of food and fuel shortages.
Overall the floods drove down Bhutan’s gross domestic product by 0.36 percent.
At the United Nations General Assembly this week, the UN and the World Bank, together with the International Committee of the Red Cross (ICRC) launched the Famine Action Mechanism (FAM), the first global partnership dedicated to preventing famine. With support from the world’s leading tech companies, the FAM aims to use data and state-of-the-art technology to pair decision-makers with better, earlier famine warnings and pre-arranged financing.
About two thousand years ago, the country built one of the world’s first irrigation system to control its water supply.
This feat of engineering, which boasted hundreds of kilometers of channels, tanks, and innovative valve pits, helped the great kingdoms of Anuradhapura and Polonnaruwa flourish into sophisticated societies and protect their people against hunger.
Today, building resilience to natural disasters and other shocks is more critical than ever.
Sri Lanka is no exception. The country ranked fourth most vulnerable to climate change in 2016.
Further to that, a recent World Bank report indicates that
The losses caused by significant shocks like natural disasters have long-lasting consequences.
Children, especially, can suffer permanent damages if they are not educated or fed correctly in their critical early years.
And the loss of assets, livestock, and crops can severely hurt small business owners and farmers and further discourage them from investing.
And while some people gradually restore their standards of living, some never fully recover and get stuck in poverty.
But the poor aren’t the only ones who need to worry about shocks.
Our analysis of the 2016 Household Income and Expenditure Survey reveals that a 20 percent sudden decrease in household welfare—or consumption shock—would more than double the poverty rate: almost 1 in 10 Sri Lankans would be poor.
If the shock triggered a 50 percent decrease in consumption, one in three Sri Lankan families would fall into poverty.
As you can see in our new report, What a Waste 2.0: A Global Snapshot of Solid Waste Management to 2050,
Poorly managed waste is contaminating the world’s oceans, clogging drains and causing flooding, transmitting diseases, increasing respiratory problems from burning, harming animals that consume waste unknowingly, and affecting economic development such as through tourism.
Without urgent action, these issues will only get worse. Here’s what everyone should know.
On August 14, 2017, after three days of intense rain, a massive side slope of the Sugar Loaf – the highest mountain in the north of Sierra Leone’s Western Area Peninsula – collapsed and slipped into the Babadorie River Valley.
The mudslide affected about 6,000 people. Up to 1,141 of them were declared dead or missing. The deadly disaster also caused major destruction of infrastructure near the capital city of Freetown.
What caused the slope to collapse? A complex set of factors, such as record-breaking rainfall and nature of the slope, may have contributed to the incident. However, many expert assessments suggest it was mainly "a man-made disaster" due to the rapid urbanization and expansion of Freetown – coupled with poor urban planning.
Like most West African cities, Freetown is plagued with unregulated building structures, residential housing in disaster-prone hilltop areas, and unplanned settlements that intensify deforestation and increase the risk of mudslides. To make things worse, many of the properties affected by the August 2017 mudslide were encroaching on the Western Area National Park, a forest reserve that still holds one of the last reserves of unspoiled forest in Sierra Leone.