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Sunday, August 22, 2010

Adaptation Costs in the Carribean

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has released the preliminary results of a study on the Economics of Climate Adaptation (ECA) in the Caribbean. The results span eight countries (Anguilla, Antigua and Barbuda, Barbados, Bermuda, the Cayman Islands, Dominica, Jamaica, and St. Lucia), but at the moment, the details are limited to a 28-page brochure. In brief, the study finds that climate change could eventually contribute to additional economic losses from severe weather in the Caribbean on the order of 1-3% of GDP (in addition to the current annual average losses of 6% of GDP). However, the study also finds that up to 90% of these losses can be avoided through adaptation mechanisms to reduce vulnerability.

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