Severe floods have disrupted financial stability in the Czech Republic and Poland, jeopardizing efforts to control budget deficits post-COVID-19. The damage might cost $10 billion, with EU funds covering only part of the expenses.

A low-pressure system named 'Boris' caused the worst flooding in more than two decades from Romania to Poland over the past week, and also affected Italy's Emilia-Romagna region. Seven people were killed each in Poland and Romania,

Based on estimates from local officials, the damage to infrastructure could reach a combined $10 billion in these two countries alone. Poland's finance minister said the $5.6 billion allotted from EU funds would cover some, but not all of the costs to recover from the floods.

Soldiers and volunteers in southwestern Poland have laid sandbags near swollen rivers around the city of Wrocław to protect homes and businesses after days of flooding across Central Europe. Poland joins Austria, the Czech Republic and Romania in being hard hit by floods following record rains in the region starting last Thursday.

Central Europe is experiencing the worst floods in at least two decades, with a trail of destruction from Romania to Poland and and the deaths of at least 23 people so far. Below are the main facts on the current situation in affected countries,

Deadly floods that unleashed destruction across central and eastern Europe will generate some of the worst regional losses for insurers including Powszechny Zaklad Ubezpieczen SA, Vienna Insurance Group AG and UNIQA Insurance Group AG.

A massive flood wave moving across Central Europe is threatening new areas and raising concerns among residents and officials.