-effective financing for the different phases that follow a disaster. The paper explains why governments are usually better served by … retaining most of their natural disaster risk while using risk transfer mechanisms to manage the excess volatility of their … budgets or access immediate liquidity after a disaster. Finally, it discusses innovative approaches to disaster risk financing …

expensive than post-disaster financing, it should mainly cover immediate needs, while long-term expenditures should be financed … through post-disaster financing (including ex post borrowing and tax increases). In other words, sovereign insurance should …

-post resources (such as post-disaster aid), is identified. It determines the losses to be financed by ex ante financial instruments …