Significant advancements in climate and meteorological sciences, communication technologies and geo-engineering in the past
decade have had limited success in mitigating losses and damages from disasters originating in the environmental domain [1,2,4]. At
an average of US$250 billion–US$300 billion a year, total losses and damages from disaster between 1998 and 2017 reached $2.9 trillion, 90% of which were climate-related disasters. This is a rise of 151% when compared with losses and damages of $1.3 trillion between 1978 and 1998 [147](UNDRR 2018). US recorded maximum losses followed by China, Japan and India. This, however, constitutes reported and documented losses only, no loss data was available for nearly 87% of disasters in low-income countries, even high-income countries reported losses from 53% of disasters (ibid). Also, the spatial distribution of losses was extremely uneven – an average of 130 people died per million living in disaster-affected areas in low- and middle-income nations compared to just 18 people in high-income countries since 2000, demonstrating that while absolute economic losses might be concentrated in high-income countries because of the high asset values, human costs of disasters are borne overwhelmingly by the low and lower-middle income countries. Also, relative losses are not reflected in this data (as percentage of household income, for example), which are often significantly higher in lower- and middle-income countries compared to high income ones despite the latter suffering greater financial losses because of high-value infrastructure.