The Pacific Island nation of Tonga will receive a US $8 million payout disbursement from a World Bank arranged catastrophe contingent line of credit, under a Catastrophe-Deferred Drawdown Option, or CAT-DDO.
Tonga and other islands in the region were severely impacted by the eruption of the Hunga Tonga volcano on January 15th and the resulting tsunami that washed over the island.
Thankfully the death toll has not been anywhere near as high as it could have been, with so far only three reported deaths from the disaster.
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