High-risk areas for natural disasters are home to 5 billion out of the 7 billion total people on our planet.
Overall . A rapid and early response is key to immediately address the loss of human life, property, infrastructure and business activity.
Severe flooding occurred during the 2011 monsoon season in Thailand, resulting in more than 800 deaths. About 14 million people were affected, mostly in the northern region and in the Bangkok metropolitan area.
After such natural disasters, it is important that governments rapidly address recovery efforts and manage the financial aspects of the disaster’s impacts. Natural disasters can cause fiscal volatility for national governments because of sudden, unexpected expenditures required during and after an event.
This is especially critical in emerging-market economies, such as those in Southeast Asia, which have chronic exposure to natural disasters. To conserve and sustain development gains and analyze societal and financial risks at a national or regional scale, it is also critical to understand the impacts of these disasters and their implications at the socioeconomic, institutional and environmental level.
New project to monitor and evaluate flood severity
Financed by the Rockefeller Foundation, this World Bank Group’s Disaster Risk Financing and Insurance Program (DRFIP) and Columbia University’s Earth Institute joint project aims to define an operational framework for the rapid assessment of flood response costs on a national scale. Bangladesh and Thailand serve as the initial demonstration cases, which will be expanded to other Southeast Asian countries such as Cambodia, Lao PDR, Myanmar and Vietnam.