A ‘doublet earthquake’ struck Davao Oriental last Friday, Oct. 10, three days before today’s observance of International Disaster Risk Reduction Day. These were “two distinct seismic events in almost the same area, with two (or more) main shocks that have slight differences in magnitude,” according to the Philippine Institute of Volcanology (Phivolcs).

It is timely for Filipinos to grasp the importance of coming to terms with the severity of the threats to economic prosperity and sustainable development posed by recurring earthquakes, floods and natural calamities.

Spiraling disaster costs have spawned recurring humanitarian crises. Recall that it took several years for the country to fully recover from the harmful consequences of Mt. Pinatubo’s major eruption in 1990 and Typhoon Yolanda’s fury in 2015. Only last Sept. 30, an intensity 6.9 earthquake struck Cebu, inflicting a death toll of at least 74 persons and an estimated P3 billion damage to infrastructure.

Disasters threaten economic prosperity and sustainable development. Spirals of increased debt and lower income bring about widespread pain and suffering especially among the poor. It is imperative for government to come to terms with what it takes to effectively fend off the ill effects of natural disasters.

Spiral One pertains to increasing debt and decreasing income. As observed by the UN: “When households and businesses incur losses in the wake of disasters, many households cut their expenditure while companies are forced to reduce their investments in growth.”

Seeking relief from the International Monetary Fund (IMF) Special Drawing Rights (SDRs) could cushion the impact of disasters. The UN’s experience shows that when countries similarly situated as the Philippines “were allowed to access 10 percent of their SDR entitlement in case of a major disaster, the chance of fiscal crises was lowered: pushing it out by 19 years for low income and by 12 years for emerging economies.” Clearly, the economic dividends far outweigh the financing investment.

Spiral Two refers to unsustainable risk transfer. Observably, there is insufficient insurance against the risk of climate-related catastrophe losses, even in comparatively affluent European Union countries, thereby aggravating the burden of hazard-related risk.

The UN has raised red flags over the fact that in several disaster-prone countries, insurance coverage is woefully inadequate. Aside from the Philippines, the other countries covered by this observation are Bangladesh, India, Vietnam, Indonesia, Egypt and Nigeria. According to the UN: “In 2018, an estimated $163 billion of assets worldwide were underinsured, leaving an exposure gap that threatens livelihoods and global prosperity.”

Hence, it is imperative that safer and more resilient homes are prepared to weather massive disasters as part of wider social safety nets.

Spiral Three underlines the significance of effective response that deters repetition of disastrous consequences. As borne out by experience: “Emergency relief in the wake of disasters saves lives, but is often expensive and not designed to have a long-term impact on disaster recovery or to address underlying vulnerabilities.”

As analyzed by the UN, every dollar spent on disaster risk reduction delivers an average return of $15 in terms of averted future disaster recovery costs. Unfortunately, current practice focuses on post-event response and recovery, rather than on prevention and risk reduction. Hence, the cycle of vulnerability is reinforced.

Proactive risk reduction is a far more effective deterrent to disaster. “Building back better” is imperative for preventing and minimizing future losses and economic setbacks.

As we join other UN member-countries in today’s observance of International Disaster Risk Reduction Day, let us fortify our commitment to making every Filipino family’s home secure from natural disasters.