Just a week ago, before deadly floods swept through central Europe, the Czech Republic looked on track to become the first country in the region since COVID-19 to pull its budget deficit firmly below the 3% of GDP cap set by European Union rules.

At least 23 people have now died in Europe's flood disaster as the Polish city of Wrocław sees the level of the Oder river peak and Austria begins planning for "years" of reconstruction. The water level on the Oder river flowing through Poland's fourth-largest city Wrocław peaked overnight and is expected to stay high for some time,

Experts say the most severe floods to hit Central Europe in at least two decades fit into a broader pattern of extreme weather events.