Financing for humanitarian aid is broken. The costs of rapid- (like cyclones) and slow- (like drought) onset disasters are concentrated in poor, vulnerable countries, with a bill to donors of more than $19 billion last year. But far too often, we wait until crises develop before funding the response—what experts at CGD’s recent panel event (recording available at the link) described as a medieval approach of passing around begging bowls and relying on benefactors. The delays make crises worse. And since money shows up, however imperfectly, when things go wrong, it undermines incentives to build resilience, relegating vulnerable people to depending on fickle goodwill.