Thinking the unthinkable: A perspective on Natech risks and Black Swans
Published on May 7, 2021
A recently published JRC study examines whether technological accidents caused by natural hazards (Natech accidents) are real “Blacks Swans” (unpredictable and hence unpreventable events), identifies their possible causes and discusses effective strategies to manage extreme risks.
The study concludes that the Black Swan metaphor is overused for technological accidents in general and Natech accidents in particular, whose recurrence raises questions about the effectiveness of corporate oversight and the application of state-of-the-art knowledge in managing risks.
