Covid Natural Hazards And Climate Crisis In Asia And The Pacific Expand Riskcape
The convergence of the COVID-19 pandemic with natural hazards, made worse by climate change, has reshaped and expanded the disaster riskscape in Asia and the Pacific, according to a new report published on Wednesday by the UNs regional commission there.
In the Asia-Pacific Disaster Report 2021, the Economic and Social Commission for Asia and the Pacific described how while dealing with the pandemic, countries in the region have also been hit by multiple biological and natural disasters, such as cyclones, landslides, heatwaves and volcanic eruptions.
At the same time, as climate change has continued to warm the world it is also exacerbating many of these disasters.
“The string of record-breaking events show that we do not have the luxury of waiting this out: action must be taken now to address these risks”- Special Representative of the Secretary-General for Disaster Risk Reduction and Mami Mizutori #DRWeek2021
United Nations ESCAP
The capacity of disaster management and public health systems to respond to this expanded risk environment will determine the recovery path for COVID-19 and beyond, the report argues.
Economic Impact Of Triple Threat
Significant economic losses have also resulted from the triple threat of disease, disaster and climate change, according to ESCAP.
The annual average of disaster-related losses currently stands at $780 billion, which could nearly double, to around $1.4 trillion, in a worst-case climate scenario.
At an annual cost of $270 billion, choosing a proactive strategy of adapting to natural and other biological hazards would be far more cost-effective.
Is Covid Considered A Natural Disaster
I am not a tax expert, but I think the TAX EXPERT up above who stated, “Yes. Effective March 13, 2020, the COVID-19 pandemic is a qualifying natural disaster. The COVID-19 pandemic is a federally declared disaster, as defined by section 165 of the Code. ” Should also specify that the Natural Disaster question on Turbo Tax clearly states, “Select Yes only if you were affected by a federally declared natural disaster that was declared BEFORE February 19, 2020″.
How can you answer YES to the natural disaster question due to Covid, if it wasn’t declared until March 12th 2020, when Turbo Tax ask if you were affected BEFORE Feb 19th 2020?
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Consider Forbearance For Large Debts
During times of hardship, creditors can offer temporary relief programs called forbearance.
Forbearance puts off payments for large debts like mortgage, credit cards, or student loans for up to six months or a year. During that period, you might make interest-only payments or skip your payments altogether.
The debts still have to be repaid later, but temporary relief can help protect your bank account and your credit score.
According to VantageScore, a loan placed in a deferred payment or forbearance plan will not result in a negative impact.
A loan placed in a deferred payment or forbearance plan will not result in a negative impact. VantageScore
Rather, the loan will continue to positively impact ones credit history and credit score, while the related balance and payment obligations under the plan will not be considered for purposes of a credit score calculation during the forbearance period.
The net impact to a consumers VantageScore credit score is set to neutral, so the consumers credit score is not harmed.
A Recent Decision From The Highest Court In Pennsylvania Ratifying Government Action In Response To Covid
In mid-April, the Pennsylvania Supreme Court rejected petitioners emergency efforts to overturn an executive order from the Pennsylvania governor that closed non-life-sustaining businesses to slow the spread of COVID-19.
The petitioners included a committee formed to assist the candidacy of a state representative, a real estate agent and a golf course/restaurant owner. Each petitioner fell within a not life sustaining category of entities adversely affected by the governors order, which declared a natural disaster and ordered such entities to shut down and remain closed.
Under Pennsylvanias Emergency Code, the governor has broad authority to declare a state of emergency arising from a natural disaster, which includes a catastrophe, which results in substantial damage to property hardship, suffering or possible loss of life. Upon the declaration of a disaster emergency, the Governor gains broad powers, including, inter alia, controlling the ingress and egress to and from a disaster area, the movement of persons within the area and the occupancy of premises therein. 35 Pa.C.S. § 7301. After reviewing the emergency motions, the Supreme Court found the Pennsylvania governor acted within his power to declare a natural disaster and control ingress and egress within the state of Pennsylvania. In particular, when analysing whether COVID-19 was akin to the specific disasters referenced in the Emergency Code, the Court stated,
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Keep Paying Bills On Time If You Can
The one sure way to maintain a strong credit score is to pay bills in full and on time without fail.
There are obvious benefits to keeping up with your regular payments:
- You control your credit report destiny. If you pay in full and on time a creditor has nothing negative to report. Youve carried out your end of the bargain
- If you pay in full and on time you dont have to pay late fees. The money you save stays in your pocket
But in practice, keeping up with bills can be hard or impossible at a time like this. In that case, its important to prioritize.
Take a look at the programs listed above. Talk to your lenders to figure out which loans might be exempt from credit reporting due to COVID-19, and which ones could still bring down your score.
For example, if you can eliminate one of your large debts for the time being you may loosen up your budget to cover other necessities.
National Emergencies Spur The Credit
The immediate effects of COVID-19 have hit U.S. households hard with layoffs, reduced hours, and business closures.
And with this comes another, under-the-surface issue that many dont think about right away: Credit scores.
National emergencies like COVID-19 can be disastrous for U.S. credit, creating new consumer debt cycles that are hard to escape.
Its important to protect your credit as best you can, to land on the other side of this crisis in a safe place.
But there are measures you can take to guard your own credit, too. Heres what you need to know.
In this article
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How To Defend Your Credit Standing Against Covid
Until a few days ago, late payments and no payments invariably resulted in lower credit scores and higher borrowing costs.
But were suddenly in new financial territory and the old rules may not apply.
Here are three steps you can take to help bolster your credit score if your household has been affected by COVID-19:
Who Is An Eligible Self
An eligible self-employed individual is defined as an individual who regularly carries on any trade or business within the meaning of section 1402 of the Internal Revenue Code, and would be eligible to receive qualified sick leave wages or qualified family leave wages under the EPSLA or Expanded FMLA if the individual were an employee of an Eligible Employer that is subject to the requirements of the EPSLA or Expanded FMLA.
Eligible self-employed individuals are allowed an income tax credit to offset their federal self-employment tax for any taxable year equal to their qualified sick leave equivalent amount or qualified family leave equivalent amount.
60a. What individuals regularly carry on a trade or business for purposes of being an eligible self-employed individual for the qualified sick leave equivalent credit and the qualified family leave equivalent credit?
An individual regularly carries on a trade or business for purposes of being an eligible self-employed individual for the qualified sick leave equivalent credit and/or the qualified family leave equivalent credit if he or she carries on a trade or business within the meaning of section 1402 of the Internal Revenue Code , or is a partner in a partnership carrying on a trade or business within the meaning of section 1402 of the Code. Section 1402 of the Code defines trade or business and includes exceptions to this standard for purposes of section 1402 of the Code.
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Are Qualified Sick Leave Wages And Qualified Family Leave Wages Taxable To Employees
Yes, generally. Under sections 7001 and 7003 of the FFCRA, qualified leave wages are wages of the Internal Revenue Code determined without regard to section 3121- of the Code and without regard to section 7005 of the FFCRA), and compensation of the Code determined without regard to the exclusions under section 3231 of the Code and without regard to section 7005 of the FFCRA), so the employee must pay social security and Medicare taxes , unless the qualified leave wages are subject to an exclusion under section 3121- of the Code or exclusions under section 3231 of the Code. In addition, wages are generally compensation for services subject to income tax under section 61 of the Code and federal income tax withholding under section 3402 of the Code unless an exception applies. The FFCRA did not include an exception for qualified leave wages from income.
Cares Act For Municipal Government
The federal Coronavirus Aid, Relief, and Economic Security Act includes funds for Massachusetts governments to use to pay costs incurred in responding to the COVID-19 outbreak. See CARES Act for Municipal Government webpage for details, eligibility, reporting, memos and guidance regarding the CARES Act.
Municipalities should contact the Federal Programs Office at the Executive Office for Administration and Finance at with any questions regarding CARES Act funding. Municipalities located in Plymouth County should contact county officials for information about the Coronavirus Relief Fund.
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Qualified Sick Leave Wages And Qualified Family Leave Wages Are Not Qualified Disaster Relief Payments
Section 139 of the code specifies that qualified disaster relief paymentscertain payments to individuals to reimburse or pay for expenses related to a qualified disasterare excluded a taxpayerss gross income.
But the IRS also notes that qualified sick leave wages and qualified family leave wages are not qualified disaster relief payments and cannot be excluded because they are intended to replace wages or compensation that an individual would otherwise earn, rather than to serve as payments to offset any particular expenses that an individual would incur due to COVID-19.
AS.com summarizes that provision by saying that qualified disaster relief payments do not include qualified wages that are paid by an employer, even those that are paid when an employee is not providing services.
The IRS explains: A qualified disaster relief payment is defined by section 139 of the Code to include any amount paid to or for the benefit of an individual to reimburse or pay reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. Qualified disaster relief payments do not include income replacements such as sick leave or other paid time off paid by an employer.
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How Is The Average Daily Self
Average daily self-employment income is an amount equal to the net earnings from self-employment for the taxable year, or prior taxable year, divided by 260. A taxpayers net earnings from self-employment are based on the gross income that he or she derives from the taxpayers trade or business minus ordinary and necessary trade or business expenses.
The Dual Risks Of Natural Disasters And Covid
by Januka Attanayake, Mark Quigley, Andrew King, Fabian Prideaux, University of Melbourne
The COVID-19 pandemic is a complex global crisis without contemporary precedent. In just about every country around the world, the pandemic response is taking up the bulk of resources, expertise, time and effort.
But, how would people and systems cope if a major natural hazard, like an earthquake or a tropical cyclone, occurs while the COVID-19 pandemic continues?
Our new research combines simple epidemiological models with natural hazard curves to investigate potential scenarios that could eventuate in several different countries, if there were to be a natural disaster.
Importantly, it also outlines several strategic steps that governments and disaster management agencies might consider to minimize risks during the pandemic.
From bushfires to pandemics
In January this year, as devastating bushfires drove thousands of Australians to evacuate their homes, China imposed a lockdown in Hubei province to mitigate the outbreak of a novel coronavirus disease we now know as COVID-19.
A government and agency response to a crisiswhether it’s bushfires or a pandemicis informed by expert knowledge, data, experience and advice about societal exposure and vulnerability to the hazard.
Collectively, these, and our recovery, help define resilience.
One thing is clear: the way that the COVID-19 crisis is handled now strongly influences the potential impacts of any natural disasters.
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What To Do If You Develop Covid
If you develop COVID-19 during a disaster and are not able to get medical care, practice masking, good hygiene, and isolate yourself as much as possible from other people.
If youre able to get to a hospital, depending on your medical history, you may be eligible to receive Regeneron monoclonal antibody therapy.
Schaffner said doctors are providing this therapy for people who develop COVID-19, if they qualify by being in a high-risk group.
But of course, its possible this might be disrupted in disaster areas, and its not a treatment you can do on your own. You have to go to a facility to receive it, he said.
If you are in an area with wildfire smoke, and are experiencing symptoms that could be from smoke or COVID-19 such as dry cough, sore throat, and difficulty breathing, the CDC COVID-19
Enhance Disaster Risk Governance
According to the guidelines of the Sendai framework , the governance of disaster risk is emphasized, which includes the understanding of hazard, vulnerability, and exposure to disasters the recognition of stakeholders’ roles and the resilience of health infrastructure. The disaster risk management cycle proposed by RICS et al. indicated that sustainable development can be achieved by reducing the risk and vulnerability of local communities in the pre-disaster phase. To achieve this, the government must establish appropriate frameworks of laws, regulations, and policies to define the roles and responsibilities of both public and private sectors. However, through the comparison between the DPRA and CDCA, we found that both fundamental laws lack the considerations of vulnerability assessment, risk communication, and recognition of stakeholders’ roles. Relevant amendments should be made accordingly to enhance disaster risk governance in the future.
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Passing Down The Knowledge
Moe et al. indicated that disaster management practitioners should be innovative and adopt the best practices based on the experience and lessons from previous events. RICS et al. emphasized that disaster recovery experience should be applied to improve the resilience of communities and to reduce disaster risks in the future. Mohanty et al. indicated that knowledge can be divided into explicit and tacit knowledge. Explicit knowledge can be accessed by anyone through books, pictures, or guidelines, but tacit knowledge is learned from individual experience and can be lost with the person possessing it. In the last half century, the disaster management systems in Taiwan evolved with the knowledge learned from devastating disasters through the explicit amendment of laws to establish the ODM and NHCC after Typhoon Morakot in 2009 and the SARS pandemic in 2003, respectively.
Banks And Regulators Are Loosening Credit Reporting Rules
Over the weekend, bank regulators including the Federal Reserve, the FDIC, the National Credit Union Administration , the Office of the Comptroller of the Currency , the Consumer Financial Protection Bureau , and state banking authorities laid down the law to banks.
Their message? Now is not the time to mess with consumer credit reports.
With regard to loans not otherwise reportable as past due, said the regulators, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral.
“…financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. Interagency statement, March 22, 2019
A loans payment date is governed by the due date stipulated in the legal loan documents. If a financial institution agrees to a payment deferral, this may result in no contractual payments being past due, and these loans are not considered past due during the period of the deferral.
The bottom line: Dont let coronavirus get your credit score down. There may be ways within the credit scoring system to eliminate or reduce credit issues by working with lenders.
Be sure to contact creditors. If you don’t call, the creditor has no way of knowing why a payment is late or missing.
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