In this paper we develop a general framework for how the genetic composition of a structured population with strong migration between its subunits, evolves over time. The dynamics is described in terms of a vector-valued Markov process of allele, genotype or haplotype frequencies that varies on two time scales. The more rapid changes are random fluctuations in terms of a multivariate autoregressive process, around a quasi equilibrium fix point, whereas the fix point itself varies more slowly according to a diffusion process, along a lower-dimensional subspace. Under mild regularity conditions, the fluctuations have a magnitude inversely proportional to the square root of the population size N, and hence can be used to estimate a broad class of genetically effective population sizes N-e, with genetic data from one time point only. In this way we are able to unify a number of existing notions of effective size, as well as proposing new ones, for instance one that quantifies the extent to which genotype frequencies fluctuate around Hardy-Weinberg equilibrium. (C) 2019 Elsevier Inc. All rights reserved.