Government facing a natural catastrophe will not require funding for its entire recovery and reconstruction program immediately following the event. While immediate resources will be necessary to support relief operations, the bulk of needed funds will only be required several months later, when the actual reconstruction program starts. Indeed, the planning of reconstruction programs, the designing of infrastructure to be rebuilt, and the tender of major works can take several months or even years. The design of an efficient financial protection strategy must take this time dimension into account to ensure that funding requirements are matched with capacity to disburse funds when required […]