ISLAMABAD     -    The Asian Development Bank (ADB) has noted that Pakistan witness­es higher loss of $2.244 billion per annum due to the floods and earth­quake, which is highest absolute amount of loss of any country in the Central Asia Regional Economic Co­operation (CAREC) region.

“Both flood and earthquake risks are significant in Pakistan. Floods are associated with an average an­nual loss (AAL) of around $1.5 bil­lion dollars and earthquakes with an AAL of around $614 million. This rises to $1.6 billion and $644 million with the inclusion of indirect losses. This is the highest absolute amount of loss of any country in the CAREC region,” said the ADB in its report, ‘Narrowing the Disaster Risk Protec­tion Gap in Central Asia’.

Floods are expected to cause greater losses than earthquakes for events of the same return for return periods of up to (at least) 1 in 200 years. Earthquakes are expected to be associated with an average annu­al loss of life of 863 deaths, around seven times higher than the country with the next highest expected loss of life from this peril.

Floods are expected to cause a further 234 deaths each year with more than 678,000 people expect­ed to be severely affected by flood­ing. Respectively, these are the sec­ond highest and highest numbers for this peril in the CAREC region. It is striking that the proportion of the population living in multidimen­sional poverty is much higher in Pa­kistan than in many other countries in the CAREC region, with more than 50 percent of the population in Ba­lochistan, Khyber Pakhtunkhwa and Sindh meeting this classification.

Nonetheless, the analysis shows that current disaster risk finance re­sources are woefully inadequate to meet the costs and losses that are expected to be caused by disaster events each year. Consistent with this, current disaster risk finance re­sources are insufficient to cover the total losses, the direct losses or even the emergency response costs asso­ciated with events of all frequencies