The new FAO report “Economic assessment of drought risk management – A two-tier framework for cost-benefit analysis of proactive versus reactive drought management” is now available.
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The paradigm shift from reactive to proactive drought management approach is more important than ever with the intensifying and the rising frequency of drought events, coupled with anticipated worsening conditions due to climate change. However, the decision to undertake proactive action and invest in the most rational proactive measures is a complex process. Decision-makers must navigate an array of factors like costs, benefits, timing and risks.
The “Economic assessment of drought risk management – A two-tier framework for cost-benefit analysis of proactive versus reactive drought management” contributes to narrowing the knowledge gaps related to the economic assessments of adopting proactive measures. It primarily clarifies the issues related to accounting of costs and benefits of proactive action, thereby enabling an in-depth understanding of how to compare the benefits of action and costs of inaction. More importantly, the report presents a framework to support…
