Page - 104 - in Loss and Damage from Climate Change - Concepts, Methods and Policy Options

104 T.Schinkoet al. Fig.4.11 Globalmapidentifyinghigh-level risks.NoteThelower the returnperiod thehigherare thechancesofagapevent. SourceBasedonHochrainer-Stigler et al. (2014) Overall,arisk-layeringplusrisktolerance-basedapproachsupportstheintegrated assessment of risk portfolios across global to country, down to local levels—a fea- ture that is beneficial especially in the context of identifying theLoss andDamage risk space andcorresponding implementationmeasures.Asmentioned throughout, decisionmakers, communitiesor societieswilldiffer in theirunderstandingofwhat constitutes acceptable, tolerable and intolerable risk. Thus, risk layers will differ according todecisionsat stake, context, andstakeholders involved. 4.5 Implications forResearchandPolicy The L&D debate has been contested among those advocating compensation for actual losses and damages, versus those that have been suggesting support should be extended for tackling potential losses and damages, most prominently as part of further employingdisaster riskmanagement and climate insurance applications. Our discussion proposed an actionableway forward for the deliberations based on a broad interpretation and conceptualisation of comprehensive CRM, importantly aligning and balancing notions of distributive and compensatory justice. The sug- gestedapproach involves inashort-mediumterm,needs-basedperspective, support for risk management actions, which fall beyond countries’ ability to prevent and