Preventing water crises
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Preventing water crises

Water be quoted on the stock exchange?

An unusual solution has been proposed to remedy the damage caused by droughts in the Czech Republic.

Researchers at the Czech University of Life Sciences have warned that another long-term drought could cost the country’s economy 80 billion crowns, which would reduce the country’s GDP by 1.6 percentage points. Water shortages of that magnitude will have a serious impact on industry and even on households.

Drawing data from 150 different branches of industry, the researchers outlined two possible scenarios. The optimistic one calculates with a 25 percent drop in water resources: in that case, the paper and textile industries would have to reduce their production significantly. The pessimistic scenario is based on an assumption of a 50 percent drop, and that would impact the social and healthcare spheres along with industry, with associated costs reaching 2.8 to 4.8 percent of the GDP.

Economist Petr Procházka has suggested a surprising solution to remedy the water situation: he says it would be worth considering the establishment of a public water exchange that reflects the real price water, including all external costs.

“We are working on designing
economic tools that would help
solve drought in the Czech Republic. Research shows one crown invested in proactive adaptive risk management saves two crowns spent in the wake
of a drought."

In 2019, 60 percent of the Czech Republic suffered extreme drought. The extraordinary situation has led to the notion of a proactive water exchange Photo: Shutterstock
Further information: Radio Prague International

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