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Fiscal Resilience to Natural Disasters

Lessons from Country Experiences

image of Fiscal Resilience to Natural Disasters

Natural disasters continue to cause widespread damage and losses, with fast growing economies particularly exposed. Governments often shoulder a significant share of the costs of disaster recovery and reconstruction. This is true in OECD countries and even more so in developing economies, where private insurance markets are not as well developed. The fiscal impact of disasters on a government’s budget can be sizeable. Expenditures for the government arise from both explicit and implicit commitments to compensate for disaster losses. This report presents the results of a study that compares country practices in the management of the financial implications of disasters on government finances for a set of OECD member and partner countries particularly exposed to natural hazards.

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Colombia

Colombia, which is located in the north-western part of South America, includes several distinct natural regions, among them the Andes Mountains traversing Colombia, the Amazon rainforest, the Pacific Ocean in the west and the Caribbean Sea in the North. These varied natural landscapes with their climatic differences have shaped Colombia’s exposure to natural hazards (Table below).

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