Floods in Central Europe could cause economic losses ranging from several hundred million euros to billions, according to the first estimates, as the region prepares for even greater damage, svijetosiguranja.eu writes.

Credit rating agency Morningstar DBRS estimates losses will range from several hundred million euros to more than one billion euros, Mario De Cicco, vice president of Morningstar DBRS's global insurance and pension ratings division, said.

Gallagher Re, a reinsurance broker, estimates that insured losses from the severe floods in Central Europe, which mainly occurred from September 12 to 15, 2024, are likely to be between EUR 2 billion and EUR 3 billion, osiguranje.hr reports.

Continuous rainfall in Central Europe led to serious and costly flooding, particularly affecting Poland, the Czech Republic, Slovakia, Austria, Hungary, Slovenia and Romania.

The event was well predicted, and public warnings were issued days before the heaviest rains. Improved warnings and recent investment in flood defenses have played a key role in reducing losses. Gallagher Re notes: "the scale of the ongoing flooding in Central Europe is quite large and there remains a growing expectation that this could rank among the costliest weather/climate events on record in this part of the European continent", the global reinsurance broker said.