US EditionJamaica faces $9.5 billion finance gap to rebuild after Melissa
Jamaica faces a $9.5 billion financing gap after Hurricane Melissa caused $10 billion in damages, with only $500 million covered by disaster reserves and insurance, officials said.
- At COP30 in Belem, Jamaica urged wealthy countries for grants and concessional finance, and Matthew Samuda said "That leaves a $9.5 billion gap".
- On October 28, Hurricane Melissa struck Jamaica as a Category 5 storm with a 17-foot surge and 30 inches of rain, and scientists determined climate change made it 30% stronger and six times likelier.
- Despite years of saving, Jamaica's disaster-preparation reserves , World Bank catastrophe bond and parametric insurance payout covered only 5% of costs.
- Facing widespread damage, Jamaica said 192,000 buildings were damaged and tourism and agriculture sectors were hobbled, rejecting commercial-rate loans for grants and concessional finance.
- After decades of fiscal reform, Jamaica faces fiscal strain despite nearing an investment-grade credit rating, while the United Nations estimates developing countries need $310 billion a year by 2035, a key COP30 focus.
14 Articles
14 Articles
How climate finance to help poor countries became a global shell game – donors have counted fossil fuel projects, airports and even ice cream shops
Climate finance is meant to help low-income countries adapt to climate change and recover from disasters like Hurricane Melissa. Yamil Lage/AFP via Getty ImagesWhen Hurricane Melissa tore through the Caribbean in October 2025, it left a trail of destruction. The Category 5 storm damaged buildings in Jamaica, Haiti and Cuba, snapped power lines and cut off entire neighborhoods from hospitals and aid. Jamaica’s regional tourism, fishing and agricu…
Jamaica says $10B needed to rebuild after Hurricane Melissa
Jamaica said it needed almost $10 billion to rebuild after hurricane Melissa devastated the island nation, issuing a call at COP30 for wealthy countries to boost financing for poorer ones to help adapt to climate change. Scientists say rising temperatures caused by climate change make extreme weather events like Melissa more intense and more unpredictable, with developing nations often most at risk. “We don’t come as mendicants. We come as victi…
The Straits Times
Jamaica seeks $9.5 billion in financial help to rebuild after Melissa
BELEM, Brazil - Jamaica spent years building a pot of money to handle climate-fuelled disasters. It turned out to be enough to cover just 5% of the cost wrought by one storm. Read more at straitstimes.com.
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