The United Nations is warning of a major funding shortfall for addressing the world’s most dire humanitarian crises. In a mid-year update, Emergency Relief Coordinator John Holmes said the UN is $4.8 billion short of meeting required needs, its largest gap ever.

Emergency Relief Coordinator John Holmes: “We have already received $4.6 billion, which is 49 percent of what we believe we need. That is the best ever result we’ve had at mid-year and particularly, I think, noteworthy given the economic and financial crisis that we’re all going through. At the same time, those overall requirements are the highest ever at mid-year, and that means that the needs which we still have to be funded, at around $4.84 billion, are also the highest we’ve ever had.”

Holmes went on to say humanitarian shortfalls are particularly urgent in the Occupied Palestinian Territories, Kenya and Zimbabwe. He added the shortfalls could be overcome if wealthy nations were to commit “just a fraction” of the money spent to bail out financial institutions.