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Financial Management of Large-Scale Catastrophes

image of Financial Management of Large-Scale Catastrophes

Dramatic events, such as the earthquake that struck China’s Sichuan Province in 2008 and the devastation caused by Hurricane Katrina in the United States in 2005, have brought the financial management of catastrophic risks once again to the forefront of the public policy agenda globally. To address these issues and develop sound policies, the OECD has established an International Network on the Financial Management of Large-Scale Catastrophes. This publication supports the ongoing activities of the Network.

This book contains three reports focusing on different institutional approaches to the financial management of large-scale catastrophes in selected OECD and non-OECD countries, the role of risk mitigation and insurance in reducing the impact of natural disasters, and the importance of strategic leadership in the management of non-conventional crises.

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Annex B

Two Examples of Crises From the Years 1980-2000

During the night of November 1, 1986, a fire broke out in one of the Sandoz warehouses in Schweitzerhalle, not far from Basel, Switzerland. The warehouse contained 1351 tonnes of chemicals, intended mainly for agricultural use. Firefighters brought the blaze under control in the early hours of the morning. The warning issued to local people, to stay indoors and close the windows, was lifted around 7 a.m.. The incident was over and the "emergency" had been dealt with.

English

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