Flooding could cost Czech Republic as much as 1.16B euro

Offices closed, hotel bookings canceled, trains not running, industrial plants shuttered and businesses under water – the economic impact of the floods that hit the Czech Republic is likely to prove significant.

Analysts have estimated the cost across the country could total tens of billions of Czech crowns.

Yet there is also expected to be a positive coming out of the floods, with repair and reconstruction work set to provide a boost to the economy.

By comparing with the more severe flooding of 2002, which caused damage put at 73 billion Kč (about 2.8 billion euro), Martin Lobotka, an analyst with Erste Group Bank, said the bill for the cleanup and repairs was likely to be about 30 billion Kč (about 1.16 billion euro).

Read the full story in The Prague Post.

(Vltava River in Prague on June 4 2013. Photo: Gordon Joly/flickr.com)