ADB: More investments needed in disaster displacement prevention

MANILA, Philippines — More investments are needed to address and prevent disaster displacements in Asia Pacific, the region most affected by forced movements due to catastrophic events, according to the Asian Development Bank (ADB).

In the multilateral lender’s latest blog, Steven Goldfinch, senior disaster risk management specialist at the ADB, provided recommendations on how to increase investments in disaster displacement solutions in Asia Pacific.

He said an ADB study showed displacements due to floods, droughts, earthquakes and other disasters reached 225.3 million between 2010 and 2021 in Asia Pacific.

“The annual cost of disasters in the region is estimated to be $780 billion, equivalent to 2.5 percent of the regional GDP (gross domestic product),” he said, noting the amount does not cover the economic impact of the displacement itself.

He said there are costs each time a person is forced to move from their homes due to disasters, and the economic impact increases as displaced individuals are uprooted for months, years or even decades.

When people are displaced, he said their ability to withstand future disasters and other life challenges is eroded.

He also said displacements are expected to increase as extreme weather events become more frequent due to climate change.

To increase investments for disaster displacement solutions in the region, he said displacement needs to be recognized as a development issue.

“Displacement risk needs to be included in dialogues between governments and development partners,” he said.

Given the lack of data and complex nature of displacement risk, he also recommended enhancing data collection and analysis to record the scale and severity of the phenomenon, as well as the impact on both individuals and economies.

In addition, he said an assessment of the risk of future disaster displacement and potential consequences would help in coming up with more effective, comprehensive and inclusive prevention plans.

He also said greater investment in awareness, knowledge products, practical tools and capacity is required.

“Solutions will require innovation of existing lending methods and financing sources, a willingness for development and humanitarian organizations to engage more closely, and a fundamental shift in how development finance engages with what drives a state to become fragile,” he said.