The damages caused by the flooding in Austria could, according to initial calculations by the insurance industry, amount to €600 million to €700 million ($670 million-$782 million). According to the VVO insurance association, in extreme cases, the damage could even exceed the billion-euro mark. They said they are primarily concerned with “swift and unbureaucratic claims processing.” Figures from individual insurers in the sector have already indicated the significant extent of the damages: A few days ago, the insurance firm Wiener Städtische announced that it alone expects a damage volume of u…