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natural disaster

Disaster risk finance: Being better prepared

Ceyla Pazarbasioglu's picture
Also available in: Español | Français | العربية
Community meeting discussing the reconstruction of a village hit by a volcanic eruption, Yogyakarta, Indonesia. © Nugroho Nurdikiawan Sunjoyo/World Bank
Community meeting discussing the reconstruction of a village hit by a volcanic eruption, Yogyakarta, Indonesia. © Nugroho Nurdikiawan Sunjoyo/World Bank

Over the past two weeks, the world has been monitoring the tragic impact of the tsunami in Sulawesi--a powerful reminder of the risks many communities and countries need to be prepared for every day. The scale of this disaster is apparent and shows the need for: immediate relief for those affected, international coordination and a continued investment in disaster resilience to protect lives and livelihoods.
 
In the face of devastation, Indonesia mobilized quickly—demonstrating   the country’s experience dealing with disasters.  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.

Investing in prevention: A new World Bank Group approach to crisis

Kristalina Georgieva's picture
Also available in: Español | العربية | Français
© Riyaad Minty/Creative Commons
© Riyaad Minty/Creative Commons

Benjamin Franklin famously said, “An ounce of prevention is worth a pound of cure.”  This was his message to Philadelphians on how to avoid house fires, at a time when they were causing widespread damage to the city and its people.

His words ring true today, as we face global crises – natural disasters, pandemics, violent conflicts, financial crises, and more – that hit rich and poor countries alike, and have lasting consequences especially for the world’s most vulnerable people. They can take the lives of millions of people and cost the world trillions of dollars in damages and lost potential.