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Jakarta Post

Alternative schemes for disaster risk financing

  • Nopriyanto Hady Suhanda

Jakarta   /   Wed, January 15 2020   /  01:37 am

Indonesia could be one of the world’s five biggest economies by 2045, some experts predict. Yet one obvious constraint is that the country’s geography means it has a high risk of natural disasters. Tsunamis, floods, earthquakes and forest fires are some of the most common calamities to have struck Indonesia in the last decade, with the potential to cause wider poverty and economic slowdown.According to the National Disaster Management Agency (BNPB), the losses from the Aceh earthquake and tsunami in December 2004 might seem relatively small compared to the nation’s gross domestic product (GDP) of around 0.3 percent, but it accounted for a significant 30-45 percent of the provincial GDP. Total state losses from natural disasters in 2004-2014 increased a massive Rp 240 trillion (US$17.54 billion).The BNPB reported that the central government allocates Rp 4 trillion every year as a co...