A self-plus shared government approach is offered by federalism theory. It harmonizes the disparities in geography, law, and society to create a unified political system. Federalism is best understood as the accommodation of various geographical concerns from a shared political platform, according to R.D. Dikshit and Ivo Duchacek, when viewed through the geographical lens of geographical variety. This theoretical dimension of geographical federalism has been applied while analyzing the concerns of the Himalayan states for differential treatment for disaster risk funding. Indian Himalayan Region (IHR) comprises 13 states and union territories and faces a variety of hazards and degrees of disaster vulnerability. Based on their geographical profile, vulnerability also increases due to poor availability of economic resources in comparison to the other non-Himalayan states. In addition, the economic cost of their contribution to providing a carbon sink for the industrial development of India. The IHR requests a new and higher level of funding for disaster risk management in light of all these variables. However, the current disaster risk funding that has evolved from the Second Finance Commission provides a small relief to the Himalayan states by reducing their contribution to the State Disaster Response Force (SDRF) from 25 to 10 percent but does not provide any other relief. The present research study primarily with empirical inputs from the region and available primary and secondary data applies a mixed-method approach to analyze the discourse between the Himalayan states and the central government for disaster risk funding from the theoretical perspective of federalism.