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Smarter planning for natural and man-made disasters would improve resilience and reduce future economic losses, a new OECD report says. It estimates that earthquakes, social unrest, industrial accidents, terror attacks, pandemics and other disruptive events cost advanced and emerging nations around USD 1.5 trillion in damages and economic losses over the last decade, more than double what they cost over the previous 10 years. Without action, these costs could rise further as climate change, higher concentrations of people and assets in risk-prone areas and closer economic links between countries mean the impact of such events spreads more quickly across borders and business sectors. Governments should take action to raise public awareness and reduce over-reliance on the state for covering the cost of disasters, the report says. It suggests making better use of financial incentives to encourage businesses and people to protect against risks, and more national and international coordination and […]

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