The government is assuring  the nation that a framework to manage the financial impact of the natural disaster is already in place.

Finance Minister Fayval Williams pointed to the national natural disaster risk financing policy during a special briefing this morning.

The policy aims to minimize damage to the national budget, economy and society by ensuring adequate funding is available for relief, recovery and reconstruction efforts.

Mrs. Williams explained that the policy uses multiple layers of funding from international reserves to external risk transfer mechanisms to cover different disaster scenarios.

The first layer which Jamaica can immediately draw on is the contingencies fund with $5.3b.

She explained that a catastrophe or cat bond is also in place.

This bond, if triggered, has a potential payout of US $150 m.

The cat bond was settled by the International Bank for Reconstruction and Development in May last year.

It attracted 15 global investors, providing funding for catastrophe insurance to Jamaica for four hurricane seasons.

Mrs. Williams noted that a discussion with cabinet will take place before any further information about the bond is publicised.