Jamaica establishes National Natural Disaster Reserve Fund

Leader of Government Business in the Senate Kamina Johnson Smith on Friday gave the green light for the establishment of the National Natural Disaster Reserve Fund (NNDRF).

According to Johnson Smith, through the NNDRF, the government is moving to strengthen the country’s disaster risk management framework and develop more prudent expenditure in disaster resilience and recovery.

The NNDRF is funded with resources from the Consolidated Fund’s principal bank account.

The NNDRF Policy promotes a risk-layered approach to funding disaster relief, recovery and reconstruction through the establishment of adequate reserves to address the costs associated with high frequency, low severity events such as floods or heavy rainfall, and the transfer of risks related to low-frequency, high severity events such as major hurricanes and earthquakes through a portfolio of financing instruments.