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.

Poland's third-largest city Wroclaw was bracing for peaking flood waters on Thursday, with early indications its defences were holding firm, after the worst floods in at least two decades ravaged central Europe this week.

At least 23 people have now died in Europe's flood disaster as the Polish city of Wrocław sees the level of the Oder river peak and Austria begins planning for "years" of reconstruction. The water level on the Oder river flowing through Poland's fourth-largest city Wrocław peaked overnight and is expected to stay high for some time,

Soldiers and volunteers in southwestern Poland laid sandbags Wednesday near swollen rivers around the city of Wroclaw to protect homes and businesses after days of flooding across Central Europe. Poland joins Austria,

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.

Soldiers and volunteers in southwestern Poland have been laying sandbags near swollen rivers around Wroclaw. Days of flooding have wreaked death and destruction across Central Europe.