It's the extreme weather season in Asia again. Deadly cyclones, blinding rains, ensuing floods and mudslides are becoming the norm from Nepal to Fiji. During this same time, the world's finance ministers are preparing for their IMF-World Bank meetings in Tokyo. While their discussions are unlikely to touch on the storms and floods that are sweeping across Asia with increased regularity and ferocity, the extreme weather patterns should be on their minds, and in their budgets.
After all, in Thailand alone, epic floods last year amounted to $46.5 billion, while reconstruction costs will reach at least $50 billion, according to the government and U.N. rapid assessments. Widespread flooding two years ago in Pakistan affected 20 million people. Damage estimated by the World Bank reached $10 billion, with recovery and reconstruction calculated as high as $9 billion.
How can countries find funds today to build "climate resilient" roads, bridges, schools and other vital infrastructure to prevent losses tomorrow? What can they do to prepare for a changing climate when the only certainty is uncertainty?
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