{
  "abstract": "Combining a rich database on natural hazards, granular flood hazard maps and detailed information on firm geolocalization, we study the dynamic effects of floods on European manufacturing firms over the period 2007-2018. We find that water damages significantly and persistently worsen firms’ performance, and may endanger their survival. An average flood deteriorates total assets by about 2% in the year after the event, and up to 5% seven years out. Repeated flooding has milder impacts, suggesting that adaptation measures are adopted in flood-prone areas. We show how reallocation of economic activity within flooded regions can reconcile our results with the “creative destruction” hypothesis for natural disasters.",
  "abstract_shown": true,
  "affiliations": [
    "European Commission – Joint Research Centre, and MoFiR, Via E. Fermi, Ispra, 21027, Italy",
    "European Commission, Rue de la Loi, Brussels, 1049, Belgium",
    "University of Milan, via Conservatorio, Milan, 20122, Italy"
  ],
  "article_type": null,
  "arxiv": null,
  "author_total": 3,
  "authors": [
    {
      "affs": [
        0
      ],
      "name": "Serena Fatica",
      "orcid": "0000-0002-9990-4354"
    },
    {
      "affs": [
        1
      ],
      "name": "Gabor Katay",
      "orcid": "0000-0003-2053-0992"
    },
    {
      "affs": [
        2
      ],
      "name": "Michela Rancan",
      "orcid": "0000-0002-9032-6682"
    }
  ],
  "bibtex": "https://research.draconitic.com/paper/c0xgedx3nqxjr.bib",
  "cited_by": 77,
  "doi": "10.1016/j.jfs.2026.101566",
  "fulltext_url": null,
  "id": "c0xgedx3nqxjr",
  "issns": [
    "1572-3089",
    "1878-0962"
  ],
  "landing_url": "https://doi.org/10.1016/j.jfs.2026.101566",
  "language": "en",
  "licence": "CC-BY",
  "licence_label": "CC BY",
  "licence_source": "journal",
  "licence_url": "https://creativecommons.org/licenses/by/4.0/",
  "metadata_licence": null,
  "native_subjects": [
    [
      "openalex",
      "2306|Flood Risk Assessment and Management"
    ]
  ],
  "openalex": "W4394863442",
  "pdf_url": null,
  "pmcid": null,
  "pmid": null,
  "published": "2026-06-25",
  "publisher": "Elsevier BV",
  "ris": "https://research.draconitic.com/paper/c0xgedx3nqxjr.ris",
  "sources": [
    {
      "first_seen": "2026-10-30T13:26:58Z",
      "native_id": "W4394863442",
      "source": "openalex",
      "url": "https://doi.org/10.1016/j.jfs.2026.101566"
    }
  ],
  "subjects": [
    {
      "field": "earth",
      "origin": "openalex:2306|Flood Risk Assessment and Management",
      "subfield": "climate"
    }
  ],
  "title": "Floods and firms: Vulnerabilities and resilience to natural disasters in Europe",
  "title_text": "Floods and firms: Vulnerabilities and resilience to natural disasters in Europe",
  "type": "peer-reviewed",
  "updated_at": "2026-11-09T13:21:20Z",
  "url": "https://research.draconitic.com/paper/c0xgedx3nqxjr",
  "venue": "Journal of Financial Stability",
  "versions": []
}