- Funding Programme
- Technical Support Instrument (TSI)
Strengthening national economic preparedness in Austria
The European Commission provided technical support to the Federal Ministry of Finance in Austria for the development of an International Business Risk and Resilience Monitor, a collaborative digital tool, that combines foresight, risk management as well as strategy development to be able to better assess and address transnational public-private geo-economic risks. The project strengthened Austria’s social and economic resilience as well as preparedness to future economic shocks.
In recent years the risks to which global value and supply chains are exposed, have clearly been shown. The COVID-19 pandemic or Russia’s attack on Ukraine illustrate the vulnerability of the global system. The risk of disruptions in critical economic flows has heightened over the last years, challenging the national and economic resilience of Austria, as well as other European Union member states. Strengthening crisis resilience is one of the key guidelines guiding Austria’s digitisation efforts. Austria had requested technical support in order to enhance its situational awareness and understanding with regard to transnational risks that can negatively affect Austrian businesses.
The support provided intended to:
- develop the core concept of key elements/functionalities of an International Business Risk and Resilience Monitor as a new collaborative digital tool for a public-private partnership;
- develop a method to identify and assess transnational geo-economic risks relevant for companies operating abroad;
- provide comparative insights on how authorities and corporate stakeholders in Finland and Austria currently engage to address geo-economic issues and how current modes of interaction could be improved;
- provide a first joint geo-economic risk picture to assess the impact of selected transnational geo-economic risks.
The Austrian authorities received a proposal for a methodological tool “International Business Risk and Resilience Monitor” and draft policy recommendations to advance awareness, competences, and preparedness with respect to addressing emerging geo-economic risks.