The Caribbean is highly exposed to extreme weather and climate events including drought, tropical cyclones and flooding. When an extreme event is forecast, action taken before the event occurs can significantly reduce losses, damages and human suffering.
Caribbean governments and their partners are already taking early action; however, there is significant potential to strengthen these interventions.
Under a two-part proposal presented in this policy brief: (i) national governments would ringfence dedicated contingency funds for early action, which would attract matched funding from donors and be managed by a regional entity; and (ii) donors would increase the capitalisation of the regional Emergency Assistance Fund (EAF) managed by the Caribbean Disaster Emergency Management Agency (CDEMA). Modifications would make it easier to deploy funds before extreme events happen, based on defined trigger points.
These are intended to be mutually reinforcing but countries will need to do adequate risk assessments to make them fully viable.