HADR Challenge 2021
Every year, the cost of damages from natural disasters such as floods, earthquakes, and landslides amount to approximately 300 billion USD. In the case of a natural disaster, it is crucial for governments to quickly address recovery efforts and manage the financial aspects of the disaster’s impact. This is especially true for market-emerging economies such as countries in Southeast Asia.
The World Bank Group’s Southeast Asia Disaster Risk Insurance Facility (SEADRIF) has started a regional catastrophe risk pool especially for flood risks developed by and for Cambodia, Lao PDR, and Myanmar with technical assistance from the World Bank Disaster Risk Financing & Insurance Program (DRFIP). However, these flood products only provide estimates of flood extent but not water depth which is strongly correlated with damage and needs.