Article dated Jun 27:
#ALTHOUGH the Bahamas is predicted to have a "normal" hurricane season, Deputy Prime Minister K Peter Turnquest yesterday pointed out that it "only takes one storm to really cause devastation."
#He noted the major hurricanes of 2015, 2016, and 2017 cost the country approximately $820m.
#Speaking on the sidelines of the Bahamas National Disaster Preparedness Baseline Assessment (NDPBA) workshop, Mr Turnquest said "it is not a matter of 'if', but 'when' we will face a major catastrophe," as he stressed the importance of hurricane preparedness.
#Financial measures the government already has in place include a credit-line with the Inter-American Development Bank (IDB) and its participation in the Caribbean Catastrophic Risk Insurance Facility (CCRIF), as well as a "self-funded" disaster relief fund, which the government hopes to grow to approximately $200m.
#When asked about this fund, Mr Turnquest said: "It's a part of our financial planning. When we revealed the budget, we indicated that we were going to set up a special fund for disaster relief, particularly to deal with the relief efforts that in the past has caused us to have to go and borrow. "And the traceability of it is difficult, getting it at a good rate is (difficult). So we want to see if we can help ourselves and build up this fund to an extent that we can take care of the most pressing and immediate needs in the event of an aftermath of a storm.
#"So, last year we made a $1m deposit into that fund, this year we will do the same. Eventually once we start to turn a surplus, we want to dedicate one per cent or a minimum of 0.1 per cent of our GDP to this disaster fund so that we build it up to an eventual $200m, to which then we can invest it and it can become self-sustainable. And again this is an effort, or one of the tools that we are putting into our bag, recognising that it is not a matter of if, but when we will face a major catastrophe, some natural disaster, in this country.
Turnquest: Prepare for hurricanes
