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Climate change is leading to more extreme weather disasters, with aid agencies concerned about the widespread damage and the growing question of how recovery costs will be covered, especially in poorer nations. Traditional disaster aid funding falls short of meeting the increasing need, prompting the development of new approaches like the Loss and Damage Fund to address the costs of climate-related disasters. In response, anticipatory action systems, innovative insurance products, and climate-smart social protection systems are being developed to provide funding, respond before disasters strike, and scale up support during extreme weather events.
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