In the JustFair project, the flood-prone regions of Ennstal (Styria) and Freistadt and Perg (Upper Austria) were researched. The study highlights that while physical factors, such as the location of buildings, play a role in explaining material damage, social and psychological aspects are crucial in determining overall vulnerability. Households and businesses are affected in different ways, and current monetary assessments of physical damage don’t fully capture this, leading to potential inequalities. For small and medium-sized enterprises (SMEs), their financial resources, flexibility, and social networks are key to their resilience. Micro-businesses, in particular, are often under-protected and face the risk of insolvency in the event of floods.
The study emphasizes that vulnerability should be understood as a multi-layered concept, going beyond just material damage. It is essential not to overlook at-risk groups, such as small businesses and vulnerable communities and households. A more comprehensive approach to vulnerability, one that includes social and psychological factors, is necessary to ensure fair and effective handling of flood risks and their consequences.