Nepal to receive first-ever loss and damage fund payout after devastating floods

AI Summary

Nepal is set to receive $21.6 million from the UN Loss and Damage Fund after devastating floods struck the Bhotekoshi area in August. The allocation is the fund’s first earmarked payment to a specific country, but is far below Nepal’s estimated $5 billion recovery and reconstruction needs.

Nepal is set to receive $21.6 million from the United Nations’ Loss and Damage Fund following the devastating Bhotekoshi floods that struck the country in August. The allocation marks the first time the global climate fund has earmarked money for a specific country to address climate-change-linked losses. Climate experts have welcomed the decision as a landmark step, but the funding is only a fraction of the nearly $5 billion Nepal estimates it needs for recovery and reconstruction.