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Response Fund shall be available with the State Executive Committee for emergency response, relief and rehabilitation at the State level, while the State Disaster Mitigation Fund shall be made available to the State Disaster Management Authority for mitigation projects. For the allocation of CRF to the states the successive finance commissions have taken disasters and expenditure occurred in managing the disasters as one of the important criteria which itself has inherent lacuna. Firstly, many states have very long return period of big disasters leading to huge loss but that doesn’t get reflected in the expenditure. On the other hand they keep facing smaller disasters on a regular basis which becomes the basis of funding. Secondly, few states fall in the category of low probability high risk area and many are into high probability and low risk area, this may also be seen and analyzed. Thirdly, many states are willing to spend more money for managing disasters but they are constrained to do that due to financial health of the state. Hence considering the expenditure criteria only is not an appropriate indicator for the allocation of funds to the state. This may be revisited by the finance commission. Vulnerability of the states could also be seen as one of the criteria for allocation. All these provision of disaster funding is limited to immediate and intermediate disaster recovery. Still, long term recovery funding is an unaddressed issue. In India, long term recovery programmes conducted can be counted on fingers. After so many disasters in the country , India has just gone for a few long term recovery programmes with objective of ‘build back better’ by incorporating mitigation into reconstruction programmes such 22 as Maharashtra Latur earthquake (1994), AP Cyclone (1997), Orissa Cyclone(1999), Gujarat earthquake (2001), Tsunami (2004), Leh cloud burst (2010) and now Sikkim earthquake (2011). Many recent catastrophic disasters remained unattended for long term recovery (Bihar, Orissa and Assam successive floods, Karnataka and Andhra floods 2008, Bengal Cyclone 2010). It is important to highlight that direct damages (stock) induce indirect damages (flow). If the long term recovery goes unaddressed, the loss of flow gets added every day and in ultimate analysis it creates huge pressure on economy and the development process. Along w ]Z]Y