The Commonwealth Secretariat says it has provided $US33.6 million to member states, including those in the Pacific, to address the Covid-19 pandemic and disasters such as cyclones.
Secretary-General Patricia Scotland said the assistance was part of the Commonwealth Finance Access Hub established to help members access funds they need to tackle climate change.
Ms Scotland said that without ample government bailouts, poor developing countries and small island states remained the most vulnerable in the face of both crises.
"Should the pandemic be prolonged and disasters continue in their huge power then majority of the Pacific islands will be at risk.
"So we are trying to see how we can better create a resilience system for these Pacific islands."
There are 54 member states in the Commonwealth and 24 of them are small developing countries including the Solomon Islands, Vanuatu, Fiji and Tonga which suffered widespread damage last month due to Cyclone Harold.
The secretary-general said the current climate linked disaster management strategy did not take into account the multiple risks including the pandemics while planning the rehabilitation and reconstruction.
"There are these two intersecting crises in the Pacific - cyclones and the health pandemic,' she said.
"If we don't address this climate threat, we will be facing all the abhorrent impacts of what we are facing now. This instability as to when and what is going to happen in the climate is an omni-present threat."
Ms Scotland said another $US500m was in the pipeline to help member states tackle the climate crisis.
She said the Common Sensing project would harness satellite remote sensing in Fiji, the Solomon Islands and Vanuatu to compile data on climate risks and disasters.
"We've created a Disaster Risk Finance Portal which seeks to simplify the complexity of disaster finance and provide easy access to financing information at times of crises including pandemics."
The secretary-general said the covid-19 pandemic was "clearly evident in the small island states" where tourism - one of the biggest economic earners for the Pacific - had been severely hit.
"We've seen how people cannot sell their fish to the hotels and the restaurants and if people aren't coming to the hotels because tourism is a huge contributor to our small island states' economies.
"That double whammy will cause a complex issue as we go forward.
"We have these difficulties and if we look at what's happening in our small island states being struck more frequently by cyclones as well as the coronavirus and it's really taken control over people's lives, their mobility and their livelihood."
Ms Scotland said a better understanding of how to respond to the pandemic could help protect the health of communities as well as economies.
According to her, a Coronavirus Trajectory Tracker has been created to measure the incidence rate in the Commonwealth and accumulate figures daily. She said the tracker also showed how the infections were spreading and collated the data.
She said many small island states didn't have the data or sufficient analytical capacity but that access to this data would help member states including those in the Pacific address the Covid-19 threat.
Meanwhile, the secretary-general warned the next threat was the economic threat.
Ms Scotland said experts had warned of a $US2 trillion shortfall in the global income this year while the "world trade could contract by between 13 and 32 percent".
She said the Commonwealth was working with its member states to address these issues and "we have to come up with some solutions".
Ms Scotland has praised Pacific countries for the leadership role they have taken on during the pandemic.
"In the Solomon Islands, Vanuatu, Fiji and Tonga who were recently hit by Cyclone Harold - they have really understood brotherhood. The Pacific has been one family.
"They understand responsibilities to the ocean and they have taken a brilliant leadership role.
Earlier, the secretary-general said the Commonwealth was grateful to the Australian government because it was the first to contribute to the Climate Finance Access Hub and "they continue to do that."
"Recently, Tonga secured $US2.73m from the hub with more than $US60m on its way to help the island nation. In Vanuatu, there are projects worth $US20.5m in the pipeline."
Ms Scotland said the Commonwealth had proposed a universal vulnerability index to the International Monetary Fund, World Bank and other international agencies.
She said the index would build a global consensus on defining and assessing how climate and financial risks affected countries.
Ms Scotland said the Commonwealth was also providing policy support to the Solomon Islands to help the country prepare to "graduate from United Nations' least developed country category.
"We are also adding a section to that report on the coronavirus and its implications for reverse graduation. However, the Solomon Islands' graduation may have to be extended or cancelled due to the pandemic."
Meanwhile, this year's Commonwealth Heads of Government Meeting, originally scheduled for 22-27 June in Rwanda, had been postponed due to Covid-19.
Ms Scotland said the Commonwealth was working closely with Rwandan President Paul Kagame and his government to host the meeting once the "pandemic is defeated."