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Risk professionals sent to assess Europe floods

Risk professionals sent to assess Europe floods The projected cost of the recent floods in Central Europe is yet to be confirmed but it has been reported that the cost of damage will run into billions of Euros. Damage in the Czech Republic may total as much as 35 billion koruna (€1.36 billion) alone.

Floodwaters that inundated Prague and swamped large areas of Central Europe last week means that some cities in Europe are on still on high alert as forecasters are struggling to predict exactly when rivers including the Elbe, Danube and Rhine will crest.

A state of emergency in Germany remains in force after fire-fighters, soldiers and volunteers widened evacuation zones.

In the Czech Republic around 3,000 people have been forced to leave their homes. 

The entire metro system in Prague was shut down, with only five out of 57 metro stations fully functioning three days after the floods began.

Main roads in many areas of Central Europe were closed and rail services cut.  Thousands of homes were left without power.  In Austria, the meteorological service said that two months of rain had fallen in just two days.

Shipping was halted on parts of the Danube and Rhine rivers in Germany, and the entire length of the Danube in Austria.  The rivers are used heavily to transport commodities such as grain and coal.

The flooding recalls the devastation in 2002, where a week of continuous heavy rain ravaged parts of Europe, killed dozens and dispossessed thousands.  The risk sector paid out over €3 billion as part of the recovery process.

Munich Re, the world's biggest reinsurer, said it will take several weeks to determine losses resulting from this week's floods. 

Allianz, Europe's biggest insurer, has deployed staff from across Germany to the flooded areas to assess the damage and support clients.  The insurer has received 'several thousand' notifications of damage to buildings, homes and cars.

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