Asia needs visionary leadership to cut the risk of disasters
Shamshad Akhtar identifies shortfalls over the past decade that require renewed commitment
World leaders and decision-makers from more than 100 countries are gathering this month in Sendai, Japan, to finalise a new global framework for disaster risk reduction to replace the 2005 Hyogo Framework for Action. The stakes could not be higher, especially for the Asia-Pacific - by far the most disaster-prone region in the world.
Asia and the Pacific saw no large-scale earthquake or tsunami in 2014, yet its 119 disasters still caused more than 6,000 fatalities and economic losses of almost US$60 billion, as storms, floods and landslides wreaked havoc.
Many developing and smaller economies remain highly vulnerable to natural disasters, and climate dynamics add to the risk. With the growing frequency and intensity of disasters, enhancing resilience calls for effective pre- and post-disaster frameworks that include supportive regulations, risk-based preparedness and mitigation approaches, as well as innovative risk financing mechanisms.
Ten years of implementation under the Hyogo framework have seen major investments and many successes, but new research by Escap points to five important lessons.
First, disaster risk reduction fails in a policy vacuum. Tackling disasters is most effective in countries where disaster risk reduction is integrated with wider development and financial planning and poverty reduction strategies. Getting the right political momentum, coupled with the right expertise within ministries, helps effective execution.
By 2011, fewer than one Asia-Pacific country in five had fixed allocations for disaster risk management in national budgets. This needs to change, as the impact of disasters threatens to roll back development gains and undermine sustainable growth. With multiple overlapping shocks and crises, countries ignore this lesson at great peril.
Second, innovative risk financing mechanisms such as catastrophic bonds and index-based parametric insurance must be seriously considered to overcome the challenges of traditional insurance systems.