Financial Risk and Opportunities to Build Resilience in Europe
This report presents an analysis conducted by the World Bank to assess macro-fiscal impacts of earthquakes and floods in European Union (EU) Member States (MS), analyze the financial instruments in place to manage this risk and identify any associa...
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| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/231121622437102944/Economics-for-Disaster-Prevention-and-Preparedness-Financial-Risk-and-Opportunities-to-Build-Resilience-in-Europe http://hdl.handle.net/10986/35685 |
| Summary: | This report presents an analysis
conducted by the World Bank to assess macro-fiscal impacts
of earthquakes and floods in European Union (EU) Member
States (MS), analyze the financial instruments in place to
manage this risk and identify any associated funding gaps.
The analysis is underpinned by the outputs of two regionally
consistent probabilistic catastrophe risk models, one
developed by JBA Risk Management (JBA) for fluvial and
surface water flood, and one by the Global Earthquake Model
Foundation (GEM) for seismic risk. The report provides, (i)
an indication of future losses for each country; (ii) an
indication of each countries funding gap based upon the
information available on national and EU level financial
instruments; and (iii) options for consideration to
strengthen financial resilience at the EU and the national
level. Overall, this report finds that financial instruments
to manage disaster risk are limited in most of the countries
and at the EU level, despite the devastating impacts
disasters pose to welfare, fiscal balance, and more broadly
the economy. |
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