According to a study by the Asian Development Bank (ADB), storms may have cost the economy nearly a trillion pesos in the past three decades.
In the report, titled Disaster Resilience in Asia, the Manila-based multilateral development bank said storms cost the country about $ 20 billion between 1990 and 2020.
These include Typhoon Haiyan (Yolanda) in 2013, which killed 7,354 Filipinos and is considered one of the 10 deadliest disasters in the region.
âStorms in the Philippines can reduce local economic activity by an average of 1.7 percent in the year they occur. In the most severe cases, losses can be up to 23 percent, âsaid ADB.
The report said that between 2000 and 2020, natural hazard disasters in developing countries in Asia claimed at least 36,000 lives annually, more than half of all deaths worldwide.
According to the ADB, out of five people affected by these disasters worldwide, four are from developing countries in Asia. In addition, the region accounted for more than a quarter of the global annual average of $ 135 billion.
“The effects of disasters are often local and short-term, but as a previous ADB study shows, they can creep in elsewhere and last for a long time,” the report said.
âThose hardest hit by these effects are the poor, the marginalized and the isolated. Without preventive measures, the devastation of the worst disasters will not only be life threatening but also promote poverty, âshe added.
However, the report found that the local impacts of these types of disasters are short-lived as households evacuate affected areas.
ADB said a study of floods in the Philippines showed that the economic effects of these disasters lasted for up to a year or less.
It added that massive flooding in urban areas can reduce gross domestic product (GDP) by two percent to eight percent annually.
This means that the response to these disasters, according to the ADB, should be reformed to accelerate the recovery of these areas.
For one, the report found that the rapid restoration of livelihoods and other economic activities should not be viewed as disaster resilience.
This is particularly necessary in light of climate change, which is only expected to exacerbate the effects of disasters, especially in vulnerable locations.
“If nothing is done but restoring activity, returning to these affected areas simply means putting the same populations and assets back on the path of disaster,” ADB said.
Climate change is one of the ADB’s priorities. In May, ADB President Masatsugu Asakawa said the bank would commit to increasing the proportion of its funding support for climate adaptation and mitigation.
Asakawa said the ADB has pledged to increase the proportion of ADF 13 funding for climate adaptation and mitigation to at least 35 percent, and at least 65 percent of committed ADF 13 operations in a number of projects will be mitigation and adaptation by 2024.
The ADB also said that by 2030, 75 percent of the total number of ADB operations will support climate change, while climate funding from the ADB’s own funds will total $ 80 billion.
The Bank is also committed to helping its developing countries meet their Paris Agreement commitments while finding a fair and equitable path to net zero. 30th