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Hurricane Beryl Tests Jamaica's $1.6B Disaster Safety Net
(Bloomberg) -- As Hurricane Beryl churns toward Jamaica with a rising death toll and winds topping 145 miles per hour, it will put the country’s $1.6 billion disaster strategy to the test.Most Read from BloombergUS Allies Say China Is Developing Attack Drones for RussiaChina Can End Russia’s War in Ukraine With One Phone Call, Finland SaysZelenskiy Challenges Trump to Reveal Plans for Ending WarDemocrats Weigh Mid-July Vote to Formally Tap Biden as NomineeBiden Plummets in Leaked Democratic Poll
(Bloomberg) -- As Hurricane Beryl churns toward Jamaica with a rising death toll and winds topping 145 miles per hour, it will put the country’s $1.6 billion disaster strategy to the test. “We have put ourselves in a position that we don’t have to be scrambling after a natural disaster to figure out where the resources are going to come from,” Finance and Public Service Minister Nigel Clarke said in a telephone interview as Beryl took aim at the island. Jamaica has coverage for about 5% of its gross domestic product (excluding the IMF line of credit), while losses from prior disasters averaged between 3% and 8%, according to Katrina Butt, a senior economist at AllianceBernstein in New York.
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