Dominica : natural disasters and economic development in a small island state
Benson, Charlotte | Clay, Edward | Michael, Franklyn V. | Robertson, Alastair W.
This country study of Dominica is the first of three studies undertaken as part of a broader research project aimed at increasing understanding of the wider economic and financial impacts of natural disasters; factors determining the vulnerability of hazard-prone economies; and opportunities for mitigation. The study draws the following key conclusions: There is considerable uncertainty even about natural hazard risks, both in Dominica and more generally. The Dominica economy's vulnerability is constantly changing reflecting both the longer-term direction of development and capital formation in the island, and also shorter-term shifts in the structure and composition of economic activity. In the immediate aftermath of a disaster, both government and the private sector face choices between the pursuit of rapid recovery and a reduction in longer-term hazard vulnerability. The levels and forms of hazard risk information available in Dominica have been unsatisfactory, hindering appropriate risk-averting decision making. The vulnerability of a small economy can alter quickly. The study reconfirms the substantial value added in disaster mitigation investment in key infrastructure. The role of catastrophe insurance and other financial risk-spreading mechanisms in spreading and reducing risk also needs to be enhanced significantly and increased use should be made of such mechanisms as a tool for promoting hazard mitigation.
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