New Insurance To Help Poor Countries Tackle Pandemics Like Ebola, Zika

Over the last two years, the Ebola epidemic caused more than 11,000 deaths, according to the World Health Organization. It also severely weakened economies in West Africa, costing Guinea, Liberia and Sierra Leone a collective $2.8 billion in GDP losses, according to the World Bank.

If the new financing had existed in mid-2014, when Ebola first began spreading, the global cost of responding to the outbreak could have been cut from a whopping $7 billion to $300 million — or 4 percent of what was spent — Keith Hansen, World Bank vice-president, told the Financial Times. More crucially, the outbreak might also have been more easily contained, saving countless lives. 

“This [new financing] facility addresses a long, collective failure in dealing with pandemics,” Kim said. “The Ebola crisis taught us that we must respond immediately to save lives and protect economic growth.”