National Disaster Fund climbs to over $550 million

Jamaica's National Disaster Fund now stands at more than $550 million, Prime Minister Andrew Holness has announced.

This marks a substantial increase from the $100 million in the fund at its inception, said Holness, who also chairs the National Disaster Risk Management Council (NDRMC).

He noted the Government's significant strengthening of the country's disaster preparedness efforts in anticipation of an above-average 2024 Atlantic Hurricane Season, commencing June 1.

“What we (Government) started to do is, we started to put aside funds as buffers, so that in the event that a low-intensity, high-frequency event happened, we don't have to borrow to deal with it. If there is a tropical storm, for example, which seems to be hitting us on a two-year cycle, we have some emergency funding,” he stated.

The Prime Minister was addressing Wednesday's NDRMC meeting at Sandals Ochi Beach Resort in St Ann.

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 also 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.

“We must be able to recover within the year that the event (disaster) occurs… in fact, months after the event occurred. That must be our target, and I'm saying to all of you… whose agencies are responsible for recovery, that this has to be your plan,” Holness maintained.

The Prime Minister indicated that Jamaica has significantly improved its ability to self-insure against low-intensity, high-frequency events, a capability that was lacking in previous decades.

He acknowledged that while Jamaica is not in a perfect position, the nation continues to strengthen its resources each year to better respond to major disasters.

“We are also trying to educate our citizens so that they can be active and enabled participants in this new world that we're living in. Also, the impact of climate change is something that governments have to mainstream in their daily management of economic and social affairs,” Holness underscored.

He added that as Jamaica braces for the upcoming hurricane season, these strategic initiatives and financial safeguards will serve to enhance the nation's ability to mitigate and recover from the impacts of natural disasters.

The meeting featured presentations, reviews and updates provided by various government departments and agencies and allied stakeholders on Jamaica's preparedness and response plans, to guarantee a unified and efficient response to disasters.

The meeting also entailed assessments of current risks and vulnerabilities and focused on formulating and outlining policies and strategies to reduce disaster risks and enhance resilience.

Among the entities represented were the Ministry of Local Government and Community Development, Ministry of Health and Wellness, Office of Disaster Preparedness and Emergency Management (ODPEM), Meteorological Services of Jamaica, Earthquake Unit, and Mines and Geology Division.

- JIS  News

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