Public Investment Profile for Climate Risk Reduction in Barbados: A Macroeconomic Cost-Benefit Analysis for Reducing the Socio-Economic Risk of Coastal Erosion

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Dec 2021
The “Study on Disaster Risk Management A macroeconomic cost-benefit analysis for reducing the socio-economic risk of coastal erosion”, a dynamic modelling approach was developed to quantify the macroeconomic costs and benefits of investment in disaster risk reduction. The goal of the developed tool was multifaceted, with emphasis on assessing mixes of disaster risk reduction and financial protection instruments, and with a focus on addressing shortfalls in current disaster risk modelling methods. This work serves as the final report of the project and presents the results of an application of the developed Dynamic Model of Multi-hazard Mitigation Co-benefits (DYNAMMICs) framework to the country case of Barbados, demonstrating the applicability of the approach through empirical assessment of DRR investment options to combat coastal hazards facing the island country.