We’ve all seen the devastating images – families evacuated, homes submerged, and entire communities paralyzed. The recent flooding in Slovenia, which racked up damages to half a billion, was a wake-up call. As climate change continues to alter the planet’s landscapes and temperatures, we must be prepared for more extreme weather events.
The Financial Toll of Flooding
From 1980 to 2021, Europe has witnessed the devastating dual toll of floods: approximately 5,600 lives lost and a staggering €250 billion in damages. As we peer into the future, these figures are expected to soar. Predictions suggest that by century’s end, those threatened by such events could rise from 170,000 to an alarming 480,000 annually.
Europe is facing economic losses and fatalities from weather and climate extremes every year and in all regions of Europe.
- In absolute terms, the highest economic losses in the period 1980-2020 were registered in Germany followed by France then Italy.
- The highest losses per capita were recorded in Switzerland, Slovenia and France, and the highest losses per are were in Switzerland, Germany and Italy (based on CATDAT data).
- Around 23 % of total losses were insured, although this also varied considerably among countries, from 1 % in Romania and Lithuania to 56 % in Denmark and 55 % in the Netherlands (based on CATDAT data).
Insurance Might Not Have Your Back
Floods can inflict more economic damage and loss of life and property than any other natural hazard. Despite this, a recent poll indicated that only 14% of homeowners are aware of the extent of the damage caused by floods, which is often not even covered by standard insurance policies. To put it into perspective: less than one-third of these losses were insured, indicating a significant financial burden on individuals and organizations affected by extreme weather events, such as flooding.
According to Munich Reinsurance’s NatCatSERVICE database, which covers global insured losses from natural disasters, floods are among the most costly and frequent natural disasters, causing billions of dollars in damage each year. Furthermore, a 2019 report by the World Economic Forum ranked water-related disasters, including floods, as the fourth most likely global risk.
A Simple Solution: MERATCH
For many, experiencing floods was an unforeseen catastrophe. But what if you could foresee it? Imagine a world where you can predict the next flood before it hits your doorstep. That’s what MERATCH provides.
MERATCH is a perfect fusion of advanced tech and actionable insights that enables:
Many experts believe that climate change is making bigger storms the new norm. Some warn that current infrastructure, including stormwater systems, is not ready for high-intensity events like the recent torrential rains flooding 2/3 of Slovenia. (We wrote more about natural management strategies in combination with using IoT devices to prevent floods here)
With such timely alerts as MERATCH provides, regions and municipalities can undertake preventative actions. The savings on post-disaster recovery costs could be monumental.
MERATCH equips communities with the knowledge to act decisively – towns and villages can manage their water infrastructure with unparalleled ease and plan strategic decisions based on accumulated data. Beyond this, MERATCH offers peace of mind for every individual who struggles with the unsettling reality of living near unpredictable waters.