This assessment is broadly reflected in the June 2019 Eurosystem staff macroeconomic projections for the euro area, which foresee annual real GDP increasing by 1.2% in 2019, 1.4% in 2020 and 1.4% in 2021.
But natural catastrophes can have a direct impact on banks and savings banks as well if the assets they finance – be they real estate, production facilities or tradables – are affected. Indirectly, this might disrupt value creation and delivery chains, having a knock-on effect on customers.