Systemic Risk and Resilience (SYRR) Group's Reinhard Mechler and Stefan Hochrainer-Stigler presented in a European Commission high-level expert workshop on “Economic aspects of crises and instruments for a resilient economy".
Co-led by IIASA Emeritus Research Scholar Nebojsa Nakicenovic the gathering of global experts discussed knowledge on how European sectors and economies may become more resilient in the face of challenges brought about by large scale systemic crises implying multiple cascading and ripple effects across supply chains and different social groups. Multiple crises have escalated recently with differential impacts across states and regions. The workshop addressed the need to work towards a deeper understanding about the fundamental drivers and root causes of crises in order to work towards solutions to avoid and attend to imminent and latent crises. Reinhard Mechler and Stefan Hochrainer-Stigler through invited presentations provided expert insight on understanding and measuring systemic risk and resilience. The workshop will inform a Scientific Opinion on the “Strategic Crisis Management in Europe” by the Group of Chief Scientific Advisors (GCSA) as part of the Commission’s Scientific Advice Mechanism.