Rescuers are continuing their search for survivors in northern Italy as deaths caused by flooding due to heavy rain rose to 13.
Two dozen rivers and tributaries burst their banks following the 36-hour deluge, which came after a prolonged drought.
Torrents of mud and water tore through towns in the Emilia-Romagna region, causing up to 300 landslides, damaging 400 roads and wrecking countless homes, businesses and farms.
It was the second time this month that Emilia-Romagna has been battered by bad weather.
Heavy rains followed months of drought which had dried out the land, reducing its capacity to absorb water, meteorologists said.
“We are facing a new earthquake,” said Emilia-Romagna president Stefano Bonaccini, recalling the tremors that struck the region in 2012, destroying thousands of homes.
Noting that since then “almost everything” had been rebuilt, Mr Bonaccini said: “That experience showed us that it can be done, and we will rebuild everything (again), I am sure of that.”
The death toll rose to 13 on Thursday after four more bodies were found, including those of an elderly couple, aged 73 and 71, who were found dead together in their home in the small town of Russi, local authorities said.
Local mayors warned that some remote villages were still completely cut off because landslides had made roads impassable and phone service remained severed. That has prevented rescue teams from reaching residents and authorities from understanding the full scope of their needs, said Mercato Seraceno's Mayor Monica Rossi.
“If it rains any more, the situation will be tragic,” Ms Rossi warned on Sky TG24, standing on a road damaged by a landslide.
According to the Coldiretti agricultural association, more than 5,000 farms were left underwater in the region, which includes fruit farms as well as corn and grain fields.
“We had already estimated almost 1 billion euros of damage [from the first floods], so imagine how much the figure will rise,” said regional president Stefano Bonaccini.
The floods are the latest in a series of extreme weather events in Italy over the past year, as once exceptional disasters become a regular part of life.
The government has promised an extra 20 million euros ($22 million) in emergency aid, on top of the 10 million euros allocated in response to previous floods two weeks ago, which killed at least two people.
Luxury sports car maker Ferrari, which is based in Emilia-Romagna, announced a donation of a million euros.
One of the flood victims was swept away from her home and washed up on a beach 20km away.
More than 10,000 people fled their homes, some plucked from rooftops or balconies by rescue helicopters and others ferried out on dinghies.
One family with a 20-day-old baby was rescued on Thursday morning, said Cesena's Mayor Enzo Lattuca. Another family packed their belongings into an inflatable pool which they floated down the thigh-high river of mud that was previously a street.
But residents in other towns, such as Castel Bolognese, started cleaning up as the waters receded, with residents shovelling out mud-filled basements and shopfronts.
Mr Bonaccini has called for the national government to declare a state of emergency, something that is likely when the cabinet meets next week following Prime Minister Giorgia Meloni’s return from the G7 summit in Japan. Already, the region has said it is looking to reconstruction efforts and restoration of vital infrastructure.
“It will take gigantic work” to recover, said Mr Bonaccini.
In the town of Cesena locals were able to reach their mud-filled homes as the water receded.
“We had to throw everything away, nothing was saved. Water arrived up to here. The bed expanded with the water,” said resident Maurizio Cola. His wife Raffaella Zanni wiped away tears as she mourned the loss of one of her most precious belongings, her wedding album.
“All the memories,” Mr Cola said.
“Finished,” Ms Zanni added.
Sunday's Formula One Grand Prix in Imola, which is close to many of the worst-hit areas, was called off to relieve pressure on emergency services.
Italy hit by heavy floods - in pictures
The Superior Institute for Environmental Protection and Research has identified Emilia-Romagna as one of the Italian regions most at risk from flooding, where both territory and people face a greater danger of “hazard scenarios” than the rest of the country.
The hardest-hit eastern part of the region, sandwiched between the Apennine mountain chain and the Adriatic Sea, was first hit by intense rain early in May.
The second downpour tested the ability of drought-parched soil to absorb water, the institute said, adding that high sea elevations and bora winds against the coast may have contributed to the flooding of rivers and tributaries.
Pope Francis sent a telegram of condolences to the people of Emilia-Romagna, assuring them of his prayers, the Vatican said on Thursday.
Italy wasn't alone in coping with heavy rainfall, as parts of Slovenia, Croatia and Bosnia also reported flooding and landslides that required evacuations.
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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