Earthquakes cause 3% damage to Armenia’s GDP per year: World Bank

PanARMENIAN.Net - To offer support to further advance disaster resilience in Armenia, the World Bank Group launched the National Disaster Risk Management Program in the country.

According to the WB, earthquakes cause 3% damage to Armenia’s GDP per year.

Located on the Alps-Himalaya seismic zone, Armenia has historically been prone to earthquakes. The last devastating earthquake in 1988 rocked Spitak, killing 25,000 people and injuring 19,000, severely damaging 517,000 homes and causing an estimated economic loss of US$ 15-20 billion in northern parts of the country.

Floods in the country also pose serious danger. For instance, flooding in 2010 caused an estimated US$ 10 million in damage. However, this list of natural disasters is not complete - Armenia also faces other hazards such as droughts, hail storms and landslides.

The Government of Armenia has recognized the importance of disaster risk management, highlighting that natural hazards threaten the country’s development.

With a $1.75 million funding, the Program is aimed at supporting the Government of Armenia to further advance disaster resilience by (1) improving disaster risk information, (2) enhancing disaster risk reduction, (3) strengthening disaster preparedness and (4) improving understanding of fiscal disaster risks and risk financing options.

Effective cooperation among government agencies in Armenia is critical for success in disaster risk reduction efforts. The Program will support adjusting Armenia’s existing National Strategy on Disaster Risk Reduction to align with the Sendai Framework for Disaster Risk Reduction adopted in March 2015, as well as the UN Sustainable Development Goals. The Program will also draft a plan for its implementation through workshops and meetings with relevant stakeholder groups and partners.