Bloomberg on the scale of Hurricane Melissa's destruction in Jamaica

Bloomberg used satellite images to detail the destruction and aftermath of Hurricane Melissa [archived] as it ran through Jamaica last week. While the effects have been catastrophic for many, there’s perhaps some comfort in knowing recovery is easier now than it would have been in the past thanks to an improved fiscal situation:

In addition to securing the cat bond, he [Damien King, executive director of the Caribbean Policy Research Institute] noted the country balanced its budget, decreased its debt and paid insurance premiums including to the Caribbean Catastrophe Risk Insurance Facility, a multi-country fund. On Friday, the insurer announced a record payout to Jamaica of about $71 million, with a likely second payment under its excess rainfall policy.

“It means that Jamaica has fiscal room to be able to manage a storm even of this magnitude,” King said.