Forecast Based Financing and DREF for Early Action - We can respond faster
Forecast Based Financing (FBF) is an innovative early action mechanism to act faster in a region with multiple threats and risks and that will face more and more extreme events related to climate.
FBF organizes efficient answers to an emergency, precising location, intensity and duration of an event, and reduce costs on humanitarian intervention. This approach is implemented around the world and in the Americas Red Cross National Societies are using it already, like Honduras when responding to droughts and storms; Ecuador, when dealing with volcanic ashes and floods; and Peru in the face of cold waves and snowfalls.
Red Cross teams will also implement the FBF during this year. Guatemalan Red Cross is working on the Northern part of the country with different protocols on communities affected by Eta and Iota to prepare for this season. In Costa Rica, last year, more than 2,000 families benefited in the Fbf programs with support on shelter, health, livelihoods, and wash also within the framework of the response to the hurricane season.
More and deeper knowledge about this approach and its impact will be available soon, as a regional study on tropical storms is in being carried out, and thanks to the alliance with the academy and research centers in the Americas.
The FBF toolkit is available here. Download it now and learn more about this approach, the methodology to implement it and the relation it has with WASH, cash and voucher assitance, shelter, and more.
Finally, remember that the Disaster Relief Emergency Fund is great tool to promote and enhace FBF. It is a mechanism for NS to fund their reponses and early actions and get specialized support.