This paper examines who is vulnerable to different types of shocks in rural Ethiopia. Using the two most recent rounds of the Ethiopian Rural Household Survey, it will characterize the nature, frequency, and severity of climatic, economic, health, and other shocks faced by rural Ethiopian households. It examines how shocks affect households, assess what shocks have been most important to different groups in Ethiopia and will explore who was worst affected. In addition, it will assess the impact of these on levels and changes in measures of household well-being between 1999 and 2004.