This report published by the World Bank is a part of the Climate Change and Development Series to showcase economic and scientific research that explores the interactions between climate change, climate policies, and development. The series aims to promote debate and broaden understanding of current and emerging questions about the climate-development nexus through evidence-based analysis. By examining well-being instead of asset losses, this report provides a deeper (and grimmer) view of natural disasters than does the usual reporting—indeed, this view takes better account of poor people’s vulnerability. This analysis also identifies opportunities for action and policy priorities at the country level.