According to an analysis by S&P Global Ratings, the insured costs of flood damage in Central Europe have been estimated at €2.2 billion. This follows a recent study by the World Weather Attribution (WWA) team of international scientists, which examined the impact of climate change on the intense rainfall and flooding that occurred this month in several European countries, including Poland, Czech Republic, Austria, Romania, Hungary, Germany, and Slovakia.
The analysis indicates that climate change, driven by human activities, has doubled the likelihood of the flooding that resulted in the deaths of 24 individuals in Central Europe. Additionally, the intensity of rainfall in the region has increased by 7% due to climate change. Scientists warn that if the world continues to rely on fossil fuels and global temperatures rise by 2 degrees Celsius, rainfall events similar to those seen in Central Europe could become 5% more intense and 50% more frequent, bringing with them an increased risk of destructive flooding and escalating costs.
Climate Change: An Existential Threat to Vulnerable Populations
Friederike Otto, a Senior Lecturer in Climate Science at the Grantham Institute for Climate Change and the Environment at Imperial College London, highlighted the deadly floods in Central Europe, following severe droughts in Southern Italy and wildfires in Portugal. She remarked, “Climate change is wreaking havoc across Europe, yet politicians across the continent are attempting to roll back climate commitments. Climate change poses an existential threat, particularly for impoverished communities, and all Europeans must recognize that combating it will significantly improve their lives.”
The Most Severe Flooding in a Decade
S&P Global Ratings’ analysis of the insured damages indicates that this flooding represents the most severe flood disaster in the last 10 years for Central and Eastern Europe. The report suggests that the long-term effects of such floods may also impact the insurance sector significantly.
