Governance, Risk and Financial Impact of Mega Disasters by Akiko Kamesaka & Franz Waldenberger

Author:Akiko Kamesaka & Franz Waldenberger
Language: eng
Format: epub
ISBN: 9789811390050
Publisher: Springer Singapore

4 Discussion of the Responses to Disaster-Induced Financial Distress

To summarise, despite the trillions of yen spent on recovery, tireless statutory activity and an impressive array of law and policy measures directly or indirectly mitigating damage from the disaster, a truly helpful solution for double-loans remains missing. Except for emergency relief for repairs, insufficient housing grants conflicting with relocation subsidies, counselling, and unsuccessful guidelines for liquidation, little is in place to keep double-loan debtors from slipping through the wide-meshed safety net of inadequate earthquake insurance and restrained social security. Double-loans, being at the intersection of disaster management, debtor-creditor- and real property-law, financial regulation, and social welfare, pose a significant test for social justice in Japan, and the degree to which society accepts financial responsibility for victims of natural disasters.

Therefore, in this section we turn to a critical and normative assessment of the results of the laws enacted and policies adopted. Whilst the need for the government to provide housing and reconstruction aid following disasters is now generally accepted, a failure to address the social disaster of lost homes and double-loans as well as the need for additional debt relief have produced instances of evident inefficiencies and social injustice. This inadequacy has been compounded by a social discourse on the topic of social justice post disasters, that whilst outspoken has been severely limited in scope. By way of conclusion, we argue that too much focus in these debates has been put on issues of pre-disaster vulnerability and responsibility. Hence, we contend that not enough concern has been paid to individuals’ post-disaster circumstances and the threats these pose to their ability to function in society, leading to the unfolding social disaster of double-loans.

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