Reflecting on the impacts of Hurricane Melissa, Jamaica’s Prime Minister Dr. Andrew Holness has stressed the importance and effectiveness of responsive disaster risk financing instruments in reducing the country’s debt burden in the aftermath of the hurricane.
According to estimates from the World Bank Group, in coordination with the Inter-American Development Bank (IDB), the physical damage to Jamaica caused by Hurricane Melissa totals US$8.8 billion, which is equivalent to 41% percent of the country’s 2024 GDP, making it the costliest hurricane recorded in Jamaica’s history.
The World Bank confirmed that the Global Rapid Damage Estimation (GRADE) which was conducted immediately after the hurricane, assessed physical damage across residential, non-residential, infrastructure, and agricultural sectors. However, the estimation does not include broader economic losses, which are expected to be even more significant.
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