Jamaica’s disaster response fund now stands at more than $550 million, representing a significant increase on the initial sum of $100 million.
The Fund provides money to facilitate mitigation preparedness, rapid response and recovery from disasters and other major incidents.
Jamaica has also secured a contingent credit claim with the Inter-American Development Bank (IDB), providing access to US$285 million in the event of a severe hurricane or earthquake.
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National Disaster Fund Increased to Over $550 Million
The National Disaster Fund has increased to over $550 million, climbing well above the initial $100 million.
The facility funds mitigation preparedness, rapid response and recovery from disasters and other major incidents.
Its establishment forms part of the requirements under the Disaster Risk Management Act.
Bolstering the Fund is consistent with the Government’s undertaking to significantly strengthen Jamaica’s disaster preparedness efforts and puts the country in good stead, particularly against the background of the anticipated above-average 2024 Atlantic hurricane season which commenced on June 1.
According to Prime Minister the Most Hon. Andrew Holness: “What we (Government) started to do is…. put aside funds as buffers so that, in the event [a] low intensity high frequency event [happens] we don’t have to borrow to deal with it.”
Mr. Holness, who chairs the National Disaster Risk Management Council, points out that: “If there is a tropical storm, for example, which seems to be hitting us on a two-year cycle, we have some emergency funding.”
Jamaica has also secured a contingent credit claim with the Inter-American Development Bank (IDB), providing access to US$285 million in the event of a severe hurricane or earthquake.
The country is a member of the Caribbean Catastrophe Risk Insurance Facility (CCRIF), a multi-risk pooling mechanism designed to offer quick financial liquidity to member governments in the aftermath of catastrophic natural disasters.
