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.

A massive floodwave moving across Central Europe is threatening new areas and raising concerns among residents and leaders.

The recent severe flooding that impacted Central Europe as a result of continuous rain from September 12-16 is expected to become one of the costliest

The European Union will make billions of euros available to help central Europe recover from severe floods, European Commission President Ursula von der Leyen said on Thursday, as she pledged support for regions that have been devastated by the deluge.

The death toll from the severe flooding in Central Europe has risen to at least 23, according to the latest tally after another victim was confirmed. In the Czech Republic, a fifth death was announced by Interior Minister Vit Rakušan on Thursday.

Severe floods have disrupted financial stability in the Czech Republic and Poland, jeopardizing efforts to control budget deficits post-COVID-19. The damage might cost $10 billion, with EU funds covering only part of the expenses.

Volunteers and emergency personnel raced to secure river banks and buildings in Poland and Hungary on Tuesday as flood waters that have wreaked havoc across central Europe began to rise in new areas and the Czech Republic reported another death.

Soldiers and residents in southwestern Poland are laying sandbags near swollen rivers around the city of Wroclaw to protect homes and businesses after days of flooding across Central Europe

Heavy rains also caused flooding and evacuation of some 1,000 residents in the northern Italian region of Emilia-Romagna. A massive floodwave moving across Central Europe was threatening new areas and raising concerns among residents and leaders.