New IMPREX approaches in drought and flood events
Impacts of extreme weather events and climate change on European economic sectors, such as agri-food and manufacturing, have traditionally been addressed locally. Impacts within the European borders have been assessed through sectoral risk assessments, including an analysis of related policies. However, sources of vulnerabilities of many sectors to extreme weather events often lie outside Europe. In a globalised, highly connected world, dependence on raw material imports, demand/supply relations and trade balance are intensifying.
Climate change impacts outside the European borders are expected to increase economic risks for agri-food importers in the EU countries. The effects manifest in various ways, including biophysical impacts on:
- remote agricultural production resulting in unexpected supply shortages,
- damage or delays to supply-chain infrastructure,
- changes in overseas production and world commodity prices.
The IMPREX project developed two innovative approaches to help the European economy dealing with hydrological extremes:
- WATE: Water, Trade and Economy tool
- Acclimate – a unique model of loss-propagation in a global supply network
Find the complete factsheet here.