Describe the fundamentals of risk and vulnerability. 

Risk (or more specifically, disaster risk) is the potential disaster losses (in terms of lives, health status, livelihoods, assets and services) which could occur to a particular community or a society over some specified future time period. (Reference UNISDR Terminology)

It considers the probability of harmful consequences, or expected losses (deaths, injuries, property, livelihoods, economic activity disrupted or environmentally damaged) resulting from interactions between natural or human induced hazards and vulnerable conditions. 

Risk can be calculated using the following equation: Risk = Probability of Hazard x Degree of Vulnerability.

There are different ways of dealing with risk, such as:

Risk Acceptance: an informed decision to accept the possible consequences and likelihood of a particular risk.

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