Mount Merapi volcano spews hot lava as seen from Turi village in Sleman, Yogyakarta, Indonesia. File/Reuters
The Danish Red Cross has launched a catastrophe bond for volcano-related disasters with the support of several financial firms, the groups said on Monday, adding it was the first of its kind.
The $3 million bond will enable the disaster relief agency to get aid quickly to those suffering following the eruption of 10 named volcanoes, in Cameroon, Chile, Colombia, Ecuador, Guatemala, Indonesia and Mexico.
Catastrophe bonds offer investors high yields, but do not pay out if a named catastrophe occurs. They typically cover areas prone to hurricanes and typhoons.
The Danish Red Cross worked with insurance group Howden, with risk modelling by Mitiga Solutions and blockchain technology from Replexus, the organisations said in a statement.
Initial investors include Plenum Investments, Schroder Investment Management and Solidum Partners.
Long known for their hearty meat-and-potatoes fare, Danish chefs have now carved out a name for themselves in the culinary world with trailblazing dishes at star-studded restaurants.
Denmark’s Social Democrat leader has announced she will form a minority government after reaching an agreement with three left and centre-left parties after weeks of negotiations.
A volcano erupted on the Indonesian holiday island of Bali, causing some overnight flight cancellations to and from Australia as an ash cloud rose into the sky, officials said on Saturday.
The meeting also reviewed the Dubai Waste Management Centre in Al Warsan, the largest of its kind to turn waste into energy. Dubai Municipality launched this in partnership with Dubai Holding and Dubai Holding.
"A residential building in the city center was hit. A fire broke out. So far, three victims are known: a 54-year-old woman and two men aged 51 and 55," Kharkiv governor Oleh Synehubov said on the Telegram messaging platform.
The latest emergency order covers the southern region of La Araucania, next to the previously declared Biobio and Nuble regions, located near the middle of the South American country's long Pacific coastline.