Is your investment in emergency preparedness growing with the challenge?

Emergency Preparedness

Picture credits:
Cost growth: Copyright: photoart23d / 123RF Stock Photo
Natural hazards: Copyright: aurielaki / 123RF Stock Photo

Over just the last three decades, the average annual cost of natural disasters has quadrupled.

At the Asia Europe Meeting (ASEM) Conference on Disaster Risk Reduction and Management, Kristina Georgieva — European Commissioner for humanitarian aid and crisis response — reported that only 4% of spending on natural disasters is directed to preparedness.

While we don’t know what the investment ratio is for heritage organizations, we can expect it to be similar. This is the case despite an understanding that every dollar spent on preparedness and prevention is expected to save $4 to $7 in damage.

Is your institution keeping up with the challenge? Are you investing wisely in preparedness and prevention? Have you identified and assessed risks to its holdings?