"Central Europe’s recent floods looked dreadful on television. And they will have scarred the memories of the people who were hit the hardest. But the economic effects will be limited thanks to the solid defences put in place since the last flood a decade ago.
So says Erste Bank, which argues that while the floods were similar in scale to those of 2002, the costs for Austria, the Czech Republic, Slovakia and Hungary, will be a small fraction of 2002′s €6bn.
Erste says that central European states have invested about €3.3bn in flood defences in the last decade – €1.8bn in Austria, €500m in the Czech Republic, €600m in Slovakia, and €300m in Hungary."
'via Blog this'
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