National Natural Disaster Risk Financing Policy, 2021-2026.

This Policy represents a mechanism for highlighting the importance of disaster risk financing and disaster risk management in Jamaica, and therefore it minimises the fiscal impact of natural disasters on the national budget. The Policy defines the following relevant terms: blue economy; green economy; climate change; disaster risk management; disaster risk reduction; hazards; natural disaster; risk transfer; vulnerability. The Policy adopts the overarching objectives of the Sendai Framework on disaster risk reduction, and therefore focuses on human health and well-being that are common to disaster risk reduction, climate change and sustainable development. The Vision of the Policy aims at: increasing awareness of disaster risk financing among public and private stakeholders, and minimising the fiscal impact of natural disasters on the Government. The Policy identifies the following objectives: making Disaster Risk Financing (DRF) more adequate, cost-effective, scalable, inclusive and timely for the Government, through diversified instruments and interventions; mainstreaming DRF in the consolidated budget; building the institutional capacity to optimise DRF measures; making DRF data-driven and adaptive to future trends and realities. The following Policy areas are defined and developed by targeted objectives and actions: budgeting for DRF data, processes and systems; building financial and disaster risk resilience and improving public-private partnership; building institutional capacity.