Fiscal resilience over time and its management in the context of multi-risks: an application to the Danube Region

The study highlights the need for tailored fiscal strategies to manage multi-hazard risks, as some Danube Region countries, like Romania, face fiscal stress even from moderate disasters such as floods and earthquakes. It recommends a combination of risk reduction, risk financing, and strategic reserve funds to address vulnerabilities. For example, fiscal resource gaps for floods are higher in countries like Hungary and Serbia. Strengthening regional cooperation and securing external financial assistance from institutions like the EU and the World Bank are also emphasized as essential for ensuring sustainable development and resilience across the region.

Key recommendations include:

• Implement multi-risk management strategies.
• Enhance regional cooperation for transboundary hazards.
• Diversify fiscal resources and secure external funding.
• Strengthen disaster risk financing through insurance and reserve funds.
• Align fiscal policies with disaster risk management, factoring in climate change.