Just a week ago, before deadly floods swept through central Europe, the Czech Republic looked on track to become the first country in the region since COVID-19 to pull its budget deficit firmly below the 3% of GDP cap set by European Union rules.

A massive flood wave moving across Central Europe threatened new areas after claiming 24 lives, raising concerns among residents and officials and prompting European Union chief Ursula von der Leyen to plan a visit to the region Thursday.

Severe floods have disrupted financial stability in the Czech Republic and Poland, jeopardizing efforts to control budget deficits post-COVID-19. The damage might cost $10 billion, with EU funds covering only part of the expenses.