Ibrahimaj: Strengthening protection mechanisms against natural disasters, a priority for economic and fiscal stability
The Minister of Economy and Innovation, Delina Ibrahimaj, participated today in the forum on "Natural Disaster Risk, Resilience and Fiscal Stability", organized by the Financial Supervisory Authority, in Tirana.
The forum brought together representatives of financial institutions, regulatory authorities, the insurance industry, the banking sector and international experts to discuss exposure to natural disasters, risk management and strengthening economic resilience and fiscal stability mechanisms.
In her speech, Ibrahimaj emphasized that natural disasters should be treated as risks that directly affect not only the lives of citizens, but also the economic well-being and long-term stability of the country. The Minister recalled the consequences of the 2019 earthquake, as well as the recurring phenomena of floods and fires, which are becoming increasingly frequent.
The Minister underlined that the Albanian government has established a technical group, led by the Ministry of Finance, for several years to draft a law on natural disaster management, with a special focus on earthquakes and floods. According to the Minister, the discussions and recommendations emerging from the forum will provide an important contribution to building legal and institutional mechanisms to cope with these risks.
Referring to World Bank assessments, she stressed that Albania remains among the countries most exposed to natural disasters in Europe, with around 86% of the territory and over 88% of the population at risk from these phenomena. She also brought to attention the high cost of the 2019 earthquake for public finances, which amounted to around 1 billion euros, highlighting the need for sustainable protection mechanisms and preventive financial instruments.
The Minister raised concerns about the very low level of insurance of homes and businesses against earthquakes and floods, emphasizing that the insurance culture in the country still remains limited. In this context, Ibrahimaj assessed as essential the drafting and approval of legislation on mandatory insurance against natural disasters.
"We should not focus only on short-term or medium-term policies. Governments should build long-term policies that guarantee economic stability, fiscal security and sustainability for the country," the minister said.
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