Natural disasters like the "El Niño" phenomenon often hit hardest on the poor. Yet, it is often difficult to separate the effects on living conditions resulting from inclement weather from general inadequacies in infrastructure and lack of economic development. This study proposes methodologies to identify different types of risks associated with natural disasters and to establish degrees of vulnerability to such risks by geographical areas and population groups. It finds that most economic costs in Ecuador relate to losses of agricultural production and damages to infrastructure.