In the last few years, a number of organizations have called for a substantial increase in investment in measures to mitigate against the risks and consequences of natural disasters and climate change. However, investment in mitigation against risk has been relatively small, slow and uncoordinated.
In Australia, arguments for increases in mitigation spending have been made by the Productivity Commission’s inquiry into Natural Disaster Funding Arrangements, the Red Cross World Disasters Report, the Australian Business Roundtable for Disaster Resilience and Safer Communities white paper and even by the Prime Minister of Australia, Malcolm Turnbull.
The key premise of these arguments is that investing more in mitigation will reduce, in the long term, the level of funding required for…
