A European Nuclear Accident Pool&ast

Göran Skogh ()
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Göran Skogh: Department of Management and Engineering, Linköping University, Linköping SE-581 83, Sweden.

The Geneva Papers on Risk and Insurance - Issues and Practice, 2008, vol. 33, issue 2, pages 274-287

Abstract: The compensation to victims of nuclear accidents is based on a Paris (OECD) and a Vienna (UN) convention. A problem with the system is that a strictly liable, but insolvent or uninsured plant owner leaves victims without compensation. In this paper, it is argued that a system could be better organised by, for example, the European Union (EU). A State that permits a nuclear reactor on its territory should be strictly liable. Benefits are: (i) States are able to compensate large damages; (ii) theory suggests that stepwise modified risk-sharing could be made beneficial for risk-averse States; (iii) the EU can enforce sharing agreements by Member States; (iv) a State can limit its financial burden by redressing some liability to the domestic nuclear industry. The incentive created hereby, as well as regulations on location and safety may prevent accidents. A European nuclear accident pool will have a collective interest in accident prevention. The Geneva Papers (2008) 33, 274–287. doi:10.1057/gpp.2008.8

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