The EU's Recovery and Resilience Facility was approved in February with a budget of €672.5 billion. It targets the post-covid return to normal, repairing the economy, and making Europe more prepared for future similar crises.
Most European countries already submitted to the European Commission their national recovery and resilience plans. Everybody talks about them, but most European citizens probably consider the words yet another eurocratic gibberish. So here we go.
Recovery is the short-term action of returning a system to a previous state.
Resilience is used by most people as a buzzword - similarly to sustainability. So let's take it a step higher, from vulnerability.
Vulnerability management is a relatively new niche domain, that deals with negative (external) events, analyses their impact, and the system's capability to cope with them. It is closely related to management, and particularly to risk. Marle and Vidal proposed an interesting analysis and management framework.
There are several definitions; I prefer these:
- Resistance is a static characteristic of a system, that refers to its capacity to withstand instantaneous damage incurred by external negative events.
- Resilience is a dynamic characteristic of a system, that refers to its capacity to recover in time to a previous state.
Antifragility is the capacity of a system to not only resist to, or recover from, adverse events; but also to improve because of adverse events. The concept was introduced by Taleb in 2012.
Image source is freepik.com
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