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To what extent has the European Union (EU) had a benign or retarding effect on what its member states would have undertaken in the absence of EU climate policies during 2008–2012? A measurement tool for the EU policy’s effect is developed and shows a benign average EU effect with considerable variation across countries. The EU’s policy effectiveness vis-à-vis its member states is explained by the EU’s non-compliance mechanism, the degree of usage of the Kyoto flexible mechanisms, and national pre-Kyoto emission reduction goals. Time-series cross-sectional analyses show that the EU’s non-compliance mechanism has no effect, while the ex-ante plans for using Kyoto flexible mechanisms and/or the ambitious pre-Kyoto emission reduction targets allow member states to escape constraints imposed by EU climate policy.
Climate change, along with socio-economic development, will increase the economic impacts of floods. While the factors that influence flood risk to private property have been extensively studied, the risk that natural disasters pose to public infrastructure and the resulting implications on public sector budgets, have received less attention. We address this gap by developing a two-staged model framework, which first assesses the flood risk to public infrastructure in Austria. Combining exposure and vulnerability information at the building level with inundation maps, we project an increase in riverine flood damage, which progressively burdens public budgets. Second, the risk estimates are integrated into an insurance model, which analyzes three different compensation arrangements in terms of the monetary burden they place on future governments' budgets and the respective volatility of payments. Formalized insurance compensation arrangements offer incentives for risk reduction measures, which lower the burden on public budgets by reducing the vulnerability of buildings that are exposed to flooding. They also significantly reduce the volatility of payments and thereby improve the predictability of flood damage expenditures. These features indicate that more formalized insurance arrangements are an improvement over the purely public compensation arrangement currently in place in Austria.