Latest news Flood in Austria: insurers fear billions in damage

According to initial calculations by the insurance industry, the damage caused by the flooding in Austria could amount to 600 to 700 million euros. According to the Austrian Insurance Association (VVO), in extreme cases the billion euro mark could be exceeded.

Efforts are now being made to ensure "rapid and unbureaucratic claims settlement". Figures from individual insurers in the industry have already suggested the extent of the damage. A few days ago, Wiener Städtische announced that it alone was expecting a claims volume of up to 100 million euros.

Meanwhile, the Austrian federal government has increased the disaster fund to one billion euros to repair the damage. The country can expect around 500 million euros in aid from the EU. During days of torrential rain, several times the usual amount of rainfall for the whole of September fell in the east of the country within a short space of time.

SDA