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A European Nuclear Accident Pool*

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  • G�ran Skogh

    ()
    (Department of Management and Engineering, Link�ping University, Link�ping SE-581 83, Sweden.)

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    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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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

    Volume (Year): 33 (2008)
    Issue (Month): 2 (April)
    Pages: 274-287

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    Handle: RePEc:pal:gpprii:v:33:y:2008:i:2:p:274-287

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