Advances and challenges in DRR investment and financing: an analysis in three parts – Part III. Section 3: Expert contributions to understanding present challenges for DRR and the pathways taken in the past – a synthesis

Purpose This synthesis paper consolidates expert analyses on the persistent challenges and emerging opportunities in disaster risk reduction (DRR) financing and governance, with a focus on Latin America and the Caribbean (LAC). It critiques current paradigms and proposes pathways to align DRR with sustainable development goals. Design/methodology/approach Drawing on contributions from nine DRR specialists, the study evaluates four thematic areas: (1) conceptual and governance barriers, (2) data gaps and analytical limitations, (3) financing mechanisms and (4) DRR-climate adaptation synergies. Findings Key challenges include sectoral silos that isolate DRR from development planning, perpetuating reactive over proactive risk management; data disparities, with hazard-focused metrics overshadowing vulnerability analysis and local-scale risk drivers; financing imbalances, where dedicated DRR funds and risk-transfer instruments (e.g. insurance) often neglect root-cause vulnerability reduction and missed synergies between DRR and climate adaptation, exacerbated by institutional fragmentation and “additionality” constraints in climate finance. Notable progress includes increased Ministry of Finance engagement and decentralized resilience models (e.g. social protection schemes). Originality/value This paper uniquely synthesizes multidisciplinary critiques to advocate for integrated governance that embeds DRR in sectoral development agendas; holistic financing combining corrective, prospective and compensatory measures and systemic risk analytics bridging climate adaptation and DRR.