(pdf) is recognition of the escalating damages that occur due to extreme events. Total damage caused by natural and human-induced disasters in OECD and BRIC countries has been estimated at nearly USD 1.5 trillion over the last decade. New vulnerabilities and interconnections seem to amplify the economic impacts. Recent events are a stark warning for economic systems that are dependent on global supply chains.
The Recommendation proposes a fundamental shift in risk governance towards a whole of society effort. It proposes actions that governments can take at all levels of government, in collaboration with the private sector and with each other, to better assess, prevent, respond to and recover from the effects of extreme events, as well as take measures to build resilience to rebound from unanticipated events."