The RESPECT Project executes the project goals on two different levels. At the local level, RESPECT cooperates with the community of Lienz in East Tyrol. By means of a role-playing simulation, roles and responsibilities will be identified and assigned. At the national level, the fiscal implications of present and future climate risks will be studied. Possible connections between these two levels (for instance, the role of the federal states), will also be taken into consideration and examined carefully.
Furthermore, RESPECT has to consider Austrian circumstances in an international context, to establish a universally applicable approach.
Risk Portfolio Methods
The risk portfolio method identifies instances with varying levels of damage potentials, as well as the respective effective measures for the reduction, financing, or absorption of potential damages and concrete implementation competencies.
For the climate risk of floods, this would mean that for different return periods, different measures are advantageous. Preventive measures represent a sensible strategy for floods with a high probability of occurrence, but with a low damage potential, while insurance solution or catastrophe funds would be more efficient solutions for floods with a very low probability of occurrence, but a high damage potential.