Over the recent year, humanity has facednatural disasters of unprecedented magnitude and impact.However, governments and international aid organizations donot systematically plan for preventing and mitigating theeffects of natural disasters, and macroeconomic scenariosseldom take into account the results of their increasingincidence, damages, and costs. Using evaluative lessons fromthe World Bank's and others' experience, this notehighlights the urgent need to invest in climate changemitigation, disaster preparedness, early response, andpost-disaster reconstruction.