This paper argues that vulnerability accrues from a wide variety of dynamic and long-term processes and that neglecting these processes—and failing to explore their links with poverty, risk, and disasters—tends to encourage disaster risk creation. It identifies seven examples of on-the-ground realities of long-term vulnerability within two clusters: (i) endangerment, which includes (1) environmental degradation, (2) discrimination and (3) displacement; and (ii) impoverishment, including (4) self-seeking public expenditure, (5) denial of access to resources, (6) corruption and (7) siphoning of public money.