The central European floods of August 2002: Part 1 - Rainfall periods and flood development

Record-breaking rainfall amounts and intensities were observed at several raingauges in central Europe during the first half of August 2002 (Fig. 1). They produced flash floods in small rivers in the Erz Mountains, the Bohemian Forest and in Lower Austria (see Fig. 2), followed by record-breaking floods of larger rivers fed from these areas. The Vltava submerged parts of the city of Prague on 13± 15 August, and subsequently the Elbe flooded parts of Dresden and further villages and towns located downstream. The gauge level of 9.40m measured at Dresden on 17 August 2002 is the highest level since 1275, exceeding the former maximum level of 8.77m recorded in 1845 (Grollmann and Simon 2002). Parts of the Danube catchment were also affected by severe flooding. There were 100 fatalities connected with the floods in central Europe, and the economic loss is estimated at 9 billion Euros for Germany (German government’s estimate), 3 billion Euros for Austria, and 2.5 billion Euros for the Czech Republic (estimates from Boyle 2002). The event thus replaced the European winter storm Lothar of December 1999 (Ulbrich et al. 2001) as the most expensive weather-related catastrophe in Europe in recent decades (see Cornford 2002). In this study, we give an overview of the exceptional rainfall experienced over wide areas on 12/13 August 2002, and the resulting floods. Further events during early August 2002, in particular the event on 6/7 August in Lower Austria, are briefly mentioned.

Forecasting VaR using analytic higher moments for GARCH processes

It is widely accepted that some of the most accurate Value-at-Risk (VaR) estimates are based on an appropriately specified GARCH process. But when the forecast horizon is greater than the frequency of the GARCH model, such predictions have typically required time-consuming simulations of the aggregated returns distributions. This paper shows that fast, quasi-analytic GARCH VaR calculations can be based on new formulae for the first four moments of aggregated GARCH returns. Our extensive empirical study compares the Cornish–Fisher expansion with the Johnson SU distribution for fitting distributions to analytic moments of normal and Student t, symmetric and asymmetric (GJR) GARCH processes to returns data on different financial assets, for the purpose of deriving accurate GARCH VaR forecasts over multiple horizons and significance levels.

Forecasting by factors, by variables, by both or neither?

We consider forecasting with factors, variables and both, modeling in-sample using Autometrics so all principal components and variables can be included jointly, while tackling multiple breaks by impulse-indicator saturation. A forecast-error taxonomy for factor models highlights the impacts of location shifts on forecast-error biases. Forecasting US GDP over 1-, 4- and 8-step horizons using the dataset from Stock and Watson (2009) updated to 2011:2 shows factor models are more useful for nowcasting or short-term forecasting, but their relative performance declines as the forecast horizon increases. Forecasts for GDP levels highlight the need for robust strategies, such as intercept corrections or differencing, when location shifts occur as in the recent financial crisis.

Macroeconomic forecasting with mixed-frequency data: forecasting output growth in the United States

Many macroeconomic series, such as U.S. real output growth, are sampled quarterly, although potentially useful predictors are often observed at a higher frequency. We look at whether a mixed data-frequency sampling (MIDAS) approach can improve forecasts of output growth. The MIDAS specification used in the comparison uses a novel way of including an autoregressive term. We find that the use of monthly data on the current quarter leads to significant improvement in forecasting current and next quarter output growth, and that MIDAS is an effective way to exploit monthly data compared with alternative methods.

Quality control, validation and user feedback of the European Flood Alert System (EFAS)

The quality control, validation and verification of the European Flood Alert System (EFAS) are described. EFAS is designed as a flood early warning system at pan-European scale, to complement national systems and provide flood warnings more than 2 days before a flood. On average 20–30 alerts per year are sent out to the EFAS partner network which consists of 24 National hydrological authorities responsible for transnational river basins. Quality control of the system includes the evaluation of the hits, misses and false alarms, showing that EFAS has more than 50% of the time hits. Furthermore, the skills of both the meteorological as well as the hydrological forecasts are evaluated, and are included here for a 10-year period. Next, end-user needs and feedback are systematically analysed. Suggested improvements, such as real-time river discharge updating, are currently implemented.

Forecast convergence score: a forecaster's approach to analysing hydro-meteorological forecast systems.

In this paper the properties of a hydro-meteorological forecasting system for forecasting river flows have been analysed using a probabilistic forecast convergence score (FCS). The focus on fixed event forecasts provides a forecaster's approach to system behaviour and adds an important perspective to the suite of forecast verification tools commonly used in this field. A low FCS indicates a more consistent forecast. It can be demonstrated that the FCS annual maximum decreases over the last 10 years. With lead time, the FCS of the ensemble forecast decreases whereas the control and high resolution forecast increase. The FCS is influenced by the lead time, threshold and catchment size and location. It indicates that one should use seasonality based decision rules to issue flood warnings.

Flood inundation dynamics and socioeconomic vulnerability under environmental change

Floods are a major threat to human existence and historically have both caused the collapse of civilizations and forced the emergence of new cultures. The physical processes of flooding are complex. Increased population, climate variability, change in catchment and channel management, modified landuse and land cover, and natural change of floodplains and river channels all lead to changes in flood dynamics, and as a direct or indirect consequence, social welfare of humans. Section 5.16.1 explores the risks and benefits brought about by floods and reviews the responses of floods and floodplains to climate and landuse change. Section 5.08.2 reviews the existing modeling tools, and the top–down and bottom–up modeling frameworks that are used to assess impacts on future floods. Section 5.08.3 discusses changing flood risk and socioeconomic vulnerability based on current trends in emerging or developing countries and presents an alternative paradigm as a pathway to resilience. Section 5.08.4 concludes the chapter by stating a portfolio of integrated concepts, measures, and avant-garde thinking that would be required to sustainably manage future flood risk.