In the aftermath of the devastating earthquake which struck Haiti in 2010, killing more than 220,000 people and leaving 1 million homeless, governments and multilateral organizations gathered in New York to pledge an unprecedented $10 billion in emergency aid and long-term reconstruction. “Our goal is not to rebuild. It is to build back better,” said then U.N. … [Read more...] about Natural Disasters: How Nations Build Resilience
Life is full of people who never save, spend like sailors, and find from one day to the next that they’ve maxed out on their credit cards and must cut back on their lifestyle and even long-term investments like their children’s education. Countries are similar. Nations that don’t save sufficiently and finance investment with borrowing from abroad can suffer catastrophes when … [Read more...] about When Too Much External Borrowing to Finance Investment Gets Dangerous
Investing in infrastructure is crucial for a country’s economic performance and growth prospects. In fact, it not only can make a difference in people’s everyday lives by providing better roads and schools, but it can actually save lives. During the last decade, Chile and Haiti provided two contrasting examples of this in the face of earthquakes due to their different levels of … [Read more...] about What Does Saving Have to Do with Resilience to Natural Disasters?
Once again Chile has been hit by a natural disaster. A powerful earthquake measuring 8,4 on the Richter scale has caused panic, material losses, and irreparable loss of life among the Chilean population. It would seem, however, that so far the death toll and material losses have been relatively low considering the magnitude and duration of the quake. This is not by … [Read more...] about Fuerza Chile
The destruction was colossal, the after-shocks harrowing. Nepal's April 25th earthquake, measuring 7.8 on the Richter scale, leveled large parts of the country, reduced ancient city centers and mud-brick villages to rubble, and left much of the nation in chaos. More than 5,000 people died, more than 10,000 were injured, and tens of thousands lost their homes. Nations from … [Read more...] about Foreign Aid for Disasters: Never Enough