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Jamaica faces $9.5 billion finance gap to rebuild after Melissa
Jamaica faces a $9.5 billion financing gap after Hurricane Melissa caused $10 billion in damages, with only $500 million covered by disaster reserves and insurance, officials said.
- At COP30 in Belem, Jamaica urged wealthy countries for grants and concessional finance, and Matthew Samuda said "That leaves a $9.5 billion gap".
- On October 28, Hurricane Melissa struck Jamaica as a Category 5 storm with a 17-foot surge and 30 inches of rain, and scientists determined climate change made it 30% stronger and six times likelier.
- Despite years of saving, Jamaica's disaster-preparation reserves , World Bank catastrophe bond and parametric insurance payout covered only 5% of costs.
- Facing widespread damage, Jamaica said 192,000 buildings were damaged and tourism and agriculture sectors were hobbled, rejecting commercial-rate loans for grants and concessional finance.
- After decades of fiscal reform, Jamaica faces fiscal strain despite nearing an investment-grade credit rating, while the United Nations estimates developing countries need $310 billion a year by 2035, a key COP30 focus.
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The Straits Times+2 Reposted by 2 other sources
Jamaica seeks $9.5 billion in financial help to rebuild after Melissa
BELEM, Brazil - Jamaica spent years building a pot of money to handle climate-fuelled disasters. It turned out to be enough to cover just 5% of the cost wrought by one storm. Read more at straitstimes.com.
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Total News Sources7
Leaning Left1Leaning Right3Center2Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 17%
C 33%
R 50%
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