Utilizing DRF strategies and instruments to protect our country’s finances when a hurricane hits, resources are limited, and pressure is on to act quickly.
Hurricane Hurry is an interactive game experience that simulates disaster risk financing (DRF) decision-making in complex environments – for example, after a hurricane hits, when resources are limited, and the pressure is on to act quickly. The World Bank has used this game in workshops with government officials, disaster management practitioners, and academics across the Caribbean to convey key DRF concepts and instruments in a provocative, fun and memorable way.
This session will help you to become more familiar with DRF instruments, experience the choices and dilemmas that stakeholders feel when making decisions, and learn about non-traditional approaches to communicating complex information.
Please note that session attendees will need a mobile phone, laptop or tablet with WiFi capabilities to fully participate in this session.
“Communication is a critical part of the process. Disaster risk financing can be very technical, and because there are multiple stakeholders involved, to implement a strategy, a whole world needs to come together. For that reason, in order for messages to be effective, they need to be tailored to and owned by key stakeholders.”
“There is no one instrument that can be the answer for reconstruction. It is a matter of using multiple instruments strategically to access immediate liquidity cost effectively, like having a contingency fund or a natural disaster fund to address immediate risk of less severe events; having access to a contingent line of credit or some pre established loan interest; and risk transfers for greater impact like parametric insurance.”
“Disaster risk financing is more than just financial instruments. It is about the legislative and policy environment around which these instruments live. Can money be executed quickly from the budget? Is it used equitably? Is there enough data for governments to make informed decisions? A lot of policies and work with the private sector can happen around these instruments to make better decisions.”
