Natural disasters will not stop during the COVID-19 response and its recovery phase. The most vulnerable countries are at high risk of suffering from compound shocks. This can make it more difficult to respond and worsen the impact of disasters as countries may face overwhelmed systems, depleted emergency funds and fiscal space, and increased economic vulnerability.

This workshop featured a presentation from the World Bank Crisis and Disaster Risk Finance team, and discussed considerations and tools for financial decision-makers, including: 

1.   How to leverage COVID-19 response financing and systems to be better prepared for compound shocks by integrating financial preparedness for disasters into economic recovery and income support programs?

2.   Where could additional funds come from for disaster response? (Examples include more effectively leveraging private capital, exploring new contingent financing, and risk-sharing facilities or other regional risk pooling arrangements.)

3.   Can existing targeting and disbursement mechanisms for disaster response funds be improved to increase the efficiency of any available funding and to effectively channel external support?

Coalition members also shared their experiences and responded to the presentation. There was a Q&A at the end of the workshop