How Forecast-based Financing is changing the humanitarian world
Anticipation instead of reaction: with Forecast-based Financing (FbF), the International Red Cross and Red Crescent Movement is reshaping the future of the humanitarian system. Protecting lives and livelihoods in the event of a disaster – by using innovative technologies, data and weather forecasts and working in a global network.
To forecast extreme weather events, take early action and thereby prevent human suffering. How does it work?Based on forecast information and risk analysis, FbF releases humanitarian funding for pre-agreed activities.For early actions to be performed quickly and efficiently before disaster strikes, funds are allocated automatically when a specific threshold is reached. The key to this is the so-called Early Action Protocol (EAP),which clearly defines the most important tasks and responsibilities.