Insurance companies are anticipating payouts totalling between €600 million and €700 million following last weekend’s storms and flooding, according to the Austrian Insurance Association (VVO).
In a worst-case scenario, the total could exceed €1 billion, the association said on Friday. Efforts are now focused on ensuring a “swift and straightforward claims process.”
Figures from individual insurers have already hinted at the extent of the damage. A few days ago, Wiener Städtische said it expected claims totalling up to €100 million. Likewise, Niederösterreichische Versicherung in Lower Austria, the region hardest hit by the storms, is forecasting record losses of between €80 million and €100 million.
On Thursday, the EU Commission pledged to provide Austria with €500 million in disaster relief, adding to Austria’s own relief budget of €1 billion.