may be months to many years
Hazard forecasting and warning systems NOAA, USGS, USACE, NASA, USFS, state agencies, private sector Constant data collection and monitoring Allows forecasts of potential events and their impacts to be made; when communicated in a timely way, warning systems can save lives Complex disasters and natural systems, increasing population, and potential longer-term impacts require increased data precision and better forecasting models
Insurance FEMA, state insurance commissioners, private insurance industry, banks Policies currently are issued on an annual basis but some consideration is being given to multiyear insurance tied to the property Risk-based pricing that communicates level of risk to people in hazard-prone areas; vouchers for lower-income owners Continued public financial assistance to those who do not buy insurance
Catastrophe bonds Insurers, banks, investors Typically 1 to 3 years Risk is transferred to a broad investor base in the event of a catastrophic event; allows access to large fund amounts fairly quickly Investors lose invested funds if a catastrophic event occurs; insurers pay bond amount with interest if the event does not occur

Note: FEMA = Federal Emergency Management Agency, NASA = National Aeronautics and Space Administration, NIST = National Institute of Standards and Technology, NOAA = National Oceanic and Atmospheric Administration, USACE = U.S. Army Corps of Engineers, USFS = U.S. Forest Service, and USGS = U.S. Geological Survey.

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