GAR 2015 Main Report

101

is most threatened in Greece, it is social development that is most threatened in the Philippines.

Fiscal resilience

Budgeting for disaster loss based on the AAL is critical but not enough. As the AAL is an annual average, it does not guarantee economic and fiscal resilience against high-level events for countries that lack the fiscal resilience to cope with

extreme but infrequent losses. Fiscal resilience is broadly defined as comprising internal and external savings to buffer against disaster shocks. Once domestic savings are exhausted, a common approach is to divert funding from discretionary budgets, which in some cases may have been previously earmarked for development spending. In other cases, countries utilize loans from international or multilateral financial institutions

(Source: UNISDR with data from Global Risk Assessment and the World Bank.)

Figure 5.1 Countries with high overall ratio of AAL to social expenditure, capital stock and savings and capital investment and reserves

	101 is most threatened in Greece, it is social development that is most threatened in the Philippines. Fiscal resilience Budgeting for disaster loss based on the AAL is critical but not enough. As the AAL is an annual average, it does not guarantee economic and fiscal resilience against high-level events for countries that lack the fiscal resilience to cope with extreme but infrequent losses. Fiscal resilience is broadly defined as comprising internal and external savings to buffer against disaster shocks. Once domestic savings are exhausted, a common approach is to divert funding from discretionary budgets, which in some cases may have been previously earmarked for development spending. In other cases, countries utilize loans from international or multilateral financial institutions (Source: UNISDR with data from Global Risk Assessment and the World Bank.) Figure 5.1 Countries with high overall ratio of AAL to social expenditure, capital stock and savings and capital investment and reserves	Page 1 Page 10 Page 20 Page 30 Page 40 Page 50 Page 60 Page 70 Page 80 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 ->Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 120 Page 130 Page 140 Page 150 Page 160 Page 170 Page 180 Page 190 Page 200 Page 210 Page 220 Page 230 Page 240 Page 250 Page 260 Page 270 Page 280 Page 290 Page 300 Page 310