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Financial and Fiscal Instruments for Catastrophe Risk Management: Addressing Losses from Flood Hazards in Central Europe

Financial and Fiscal Instruments for Catastrophe Risk Management: Addressing Losses from Flood Hazards in Central Europe
  • World Bank. July 2012
  • This report addresses the large flood exposures of Central Europe and proposes efficient financial and risk transfer mechanisms to mitigate fiscal losses from natural catastrophes. In particular, the Visegrad countries of Central Europe, namely, Poland, the Czech Republic, Hungary, and the Slovak Republic, have such tremendous potential flood damages that reliance on budgetary appropriations or even European Union (EU) funds in such circumstances becomes ineffective and does not provide needed cash funds for the quick response and recovery needed to minimize economic disruptions. The report is primarily addressed to the governments of the region, which should build into their fiscal planning the necessary contingent funding mechanisms, based on their exposures. The report is addressed to finance ministries and also to the insurance and securities regulators and the private insurance and capital markets, which may all play a role in the proposed mechanisms.
  • Geographical coverage: Europe, Czech Republic, Hungary, Poland, Slovakia
  • Main themes: Disaster prevention, Disasters, Economic impact, Economic instruments, Financing, Floods, Legal aspects, Risk management, Vulnerability
  • Main target audience: Financial community, Governments, Policy makers, Practitioners, Statistical community
  • Main purpose: Awareness raising, Guidance
  • Type of resource: Assessment report, Methodology
  • Download file (10 MB)
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Published in 2015