The extensive flooding that hit Central Europe threatened to wash away not only century-old monuments, but more recent symbols of European innovation as well. Among these, securitizations may shoulder their own share of the devastation, illustrating the damage that extends well beyond the concrete.
Floodwaters affected certain regions in Germany, Austria, The Czech Republic and Slovakia. Allianz estimates that the cost of the damage across these regions will be E15 billion, and the company expects its gross losses to total E815million with at least E580 million concentrated in Germany. Munich Re has pitched in estimates that put its losses in Germany somewhere between E5billion and E10billion.