Mitigating the Adverse Financial Effects of Natural Hazards on the Economies of South Eastern Europe : A Study of Disaster Risk Financing Options
Over the last few decades, the frequency of major disasters caused by the impact of natural hazards has increased significantly, causing an increase in losses, both total economic and insured. This considerable increase can be fully attributed to w...
| Main Authors: | , |
|---|---|
| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/695061493026476693/Mitigating-the-adverse-financial-effects-of-natural-hazards-on-the-economies-of-South-Eastern-Europe-a-study-of-disaster-risk-financing-options http://hdl.handle.net/10986/26564 |
| Summary: | Over the last few decades, the frequency
of major disasters caused by the impact of natural hazards
has increased significantly, causing an increase in losses,
both total economic and insured. This considerable increase
can be fully attributed to weather-related events, which are
inherently linked to climate change. The European Union (EU)
community, and particularly the countries of South Eastern
Europe (SEE), is prone to natural hazards such as
earthquakes, floods and forest fires. In the SEE countries,
the adverse effects of natural calamities, most of which can
be assigned to climate change, are already being felt in
many sectors of economy and at the macro level. The main
objectives of this study have been two-fold. On the one
hand, the study has attempted to establish the extent of
financial vulnerability of governments and households to
natural hazards in ten countries of South Eastern Europe. On
the other hand, the study aims to outline a range of
practical solutions and policy recommendations for the
problem of the growing financial exposure from disasters
caused by the impact of natural hazards for governments,
businesses and individuals.This study is intended for four
principal audiences: government officials in SEE countries;
World Bank staff involved in disaster risk financing and
reconstruction projects; the international development
community; and the private insurance and reinsurance
industry. The structure of the report is as follows: Chapter
I is an Introduction. Chapter II reviews the EU regional
financial safety net mechanisms that can be mobilized in
case of major disasters caused by the impact of natural
hazards, focusing mainly on the EU Solidarity Fund. Chapter
III examines the fiscal capacity of SEE countries to cope on
their own with large disaster events. Chapter IV reviews the
existing diverse experience in covering the losses from
disasters caused by the impact of natural hazards in
disaster risk insurance in France, Spain and Germany.
Chapter V presents an overview of the state of disaster
insurance markets in SEE countries. Chapter VI presents the
main findings and policy recommendations. |
|---|