Is it time to factor natural disasters into macroeconomic scenarios
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Material Information

Title:
Is it time to factor natural disasters into macroeconomic scenarios
Series Title:
Economic premises
Creator:
Thomas, Vinod
World Bank. Poverty Reduction and Economic Management. ( contributor )
Disaster Risk Reduction Program, Florida International University (DRR/FIU) ( summary contributor )
Place of Publication:
Washington, DC
Publisher:
World Bank, Poverty Reduction and Economic Management Network
Publication Date:
Copyright Date:
2011
Language:
English
Physical Description:
eBook : Document : International government publication; 1 online resource (4 p.)

Subjects

Subjects / Keywords:
Natural disasters -- Economic aspects.
Genre:
non-fiction ( marcgt )

Notes

Summary:
This note advocates for the incorporation of variables related to natural disasters into macroeconomic models used by governments and international aid organizations for economic planning. It highlights the urgent need to invest in climate change mitigation, disaster preparedness, early response, and post-disaster reconstruction as a means of maintaining development gains. The author begins with a discussion of the rising incidence and effects of disasters globally as a result of climate change; from the increase in the occurrence of flooding and droughts over the last twenty years to the 15 fold increase in the cost of damages over the past 50. He argues that despite these dramatic changes, governments and international aid organizations have not systematically planned economically for the prevention and mitigation of disasters. Rather than seeking to address the root causes of climate change through mitigation, those involved in economic planning have often seen environmental protection as a cost to growth rather than a means to sustainable economic development. Traditional economic prescriptions often call for policies that establish activities that either stimulate further climate change or increase susceptibility to disaster in the name of development. Not only are governments promoting policies that may increase disaster risks, when disaster has occurred, they have not been adequately prepared to respond effectively. Thomas concludes with a call for development policy that balances the livelihood needs of society with the need to protect fragile environments that play a significant role in protecting these same populations from disaster. This means addressing where people are allowed to live and where development is allowed to occur, whether through the adoption of policies that reward those that live in areas less prone to disaster, or enforcing construction standards should alternatives to living in risky areas are not viable. This also involves developing adequate early warning systems, and ensuring that countries and international organizations responding to disasters have the capacity to meet the basic needs of those they seek to offer assistance. In order to promote the development of local capacity, local communities and governments should play a significant role in all levels of disaster management, from projects aimed at reducing risks, to relief and recovery efforts once disaster has occurred. This enhances sustainability and thus promotes long-term development. ( English )
Subject:
Economy and Disasters ( English )
Scope and Content:
Climate change mitigation p. 1; Lessening the impact p. 2; Early response p. 2; Postdisaster operations p. 3; Conclusion p. 4; About the author p. 4; References p. 4 ( English )
Citation/Reference:
Tomas, V. (2011). It is time to factor natural disasters into macroeconomic scenarios. The World Bank, Poverty Reduction and Economic Management (PREM) Network.
General Note:
Title from PDF title page (World Bank Web site, viewed April 16, 2012).
General Note:
"March 2011."

Record Information

Source Institution:
Florida International University
Rights Management:
This publication is released under the Creative Commons Attribution 3.0 license. For full details of the license, please refer to the following: http://creative-commons.org/licenses/by/3.0/legalcode
Resource Identifier:
FI13010971
786011611 ( oclc )

dpSobek Membership

Aggregations:
Disaster Risk Reduction