Today in Austria: A roundup of the latest news on Monday
Austria National Bank to face losses, Austria defeat Italy in friendly match, inflation cuts winter vacations short and more news from Austria on Monday.
- Austria's National Bank faces losses as interest rises
The Austrian National Bank (OeNB) will face losses this quarter after raising interest rates and facing changes in the financial market worldwide, the newspaper Der Standard reported.
The lender's only shareholder, the Austrian Republic, will see no more profit distributions "for a while", the daily added.
On the one hand, central banks now collect lower yields on the investment of their reserves in shares and bonds. Moreover, the days when commercial banks had to pay so-called negative interest rates for their deposits with the OeNB are over.
All these developments will have a negative impact on the OeNB's operating result for 2022, as they will on other central banks around the world. The bank traditionally only releases yearly results in March of the following year. However, a spokesperson for OeNB already confirmed the forecast is unfavourable "as well as those of other central banks worldwide".
READ ALSO: How expensive are gas and electricity in Austria right now?
- EXPLAINED: 10 ways to save money on your groceries in Austria
With inflation hitting double digits, consumers in Austria are really feeling the pinch, particularly in the supermarket. Here are some simple tips on how you can save money on your grocery shopping.
- Austria defeat European Champion Italy 2:0
In an almost empty stadium in Austria and on the day of the World Cup opening game, Austria and Italy - both teams failed to qualify for the games in Qatar - faced each other in a friendly match.
The home team, playing at the Ernst Happel Stadium (Vienna) in front of 18,000 people (the stadium holds 48,000) scored twice with Schlager making the first goal at minute six and Alaba kicking off the second at 35 minutes.
READ ALSO: Where to watch the Qatar World Cup on TV in Austria
- Inflation is cutting winter vacations short
Inflation makes forecasts for tourism demand in winter particularly difficult this year. However, tourism researcher Mike Peters told broadcaster ORF that the increased costs will have an impact on the travel behaviour of guests.
Many guests should arrive later or look for cheaper accommodation. "They are more likely to travel on Tuesday in the morning instead of Monday afternoon," said Peters. Another possibility: the tourists look for cheaper accommodation. This could be necessary in some cases such as Tirol. There, hotels have already increased their prices by 20 to 30 percent.
However, there is "hope" in "loyal guests", who are said to be enthusiastic skiers and, in particular, the "good" skiers, the expert said.
READ ALSO: Reader question: Is travelling to Austria this winter worth it?
- Virologists say now is the time to get the flu vaccination
According to the flu reporting service, there are currently around 10,000 suspected cases per week in Vienna, broadcaster ORF said. A few hundred turned out to be actual cases of influenza, with a slight upward trend.
"Now is the ideal time for the flu vaccination," advised virologist Monika Redlberger-Fritz.
"Right now, we're on the verge of a flu epidemic," Redlberger-Fritz said. After the vaccination, it takes about one to two weeks until the immune system is sufficiently trained and protected against the flu - so you should get vaccinated now, she stated.
Flu vaccination is generally recommended for all people who want to protect themselves and approved vaccines are available for everyone over the age of six months.
The National Vaccination Panel recommends vaccination particularly urgently, for example, for people over 60, pregnant women and babies and young children - as they have an increased risk of a severe course.
READ ALSO: Masks against Covid and flu: What’s ahead for Austria this winter
- Weather
Screenshot from ZAMG
The clouds will remain relatively dense for the time being, from Vorarlberg to western Lower Austria it will rain at times, Austria's meteorologic institute said. The snow line will be between 700 and 1200m.
In the course of the day, dry weather will slowly prevail everywhere and the sun will shine more frequently in the afternoon in all parts of the country. The wind will be light to moderate in the Danube area temporarily brisk from southwest to west.
The daily high temperature is 4C to 10C.
If you have any questions about life in Austria, ideas for articles or news tips for The Local, please get in touch with us at [email protected].
Comments
See Also
- Austria's National Bank faces losses as interest rises
The Austrian National Bank (OeNB) will face losses this quarter after raising interest rates and facing changes in the financial market worldwide, the newspaper Der Standard reported.
The lender's only shareholder, the Austrian Republic, will see no more profit distributions "for a while", the daily added.
On the one hand, central banks now collect lower yields on the investment of their reserves in shares and bonds. Moreover, the days when commercial banks had to pay so-called negative interest rates for their deposits with the OeNB are over.
All these developments will have a negative impact on the OeNB's operating result for 2022, as they will on other central banks around the world. The bank traditionally only releases yearly results in March of the following year. However, a spokesperson for OeNB already confirmed the forecast is unfavourable "as well as those of other central banks worldwide".
READ ALSO: How expensive are gas and electricity in Austria right now?
- EXPLAINED: 10 ways to save money on your groceries in Austria
With inflation hitting double digits, consumers in Austria are really feeling the pinch, particularly in the supermarket. Here are some simple tips on how you can save money on your grocery shopping.
- Austria defeat European Champion Italy 2:0
In an almost empty stadium in Austria and on the day of the World Cup opening game, Austria and Italy - both teams failed to qualify for the games in Qatar - faced each other in a friendly match.
The home team, playing at the Ernst Happel Stadium (Vienna) in front of 18,000 people (the stadium holds 48,000) scored twice with Schlager making the first goal at minute six and Alaba kicking off the second at 35 minutes.
READ ALSO: Where to watch the Qatar World Cup on TV in Austria
- Inflation is cutting winter vacations short
Inflation makes forecasts for tourism demand in winter particularly difficult this year. However, tourism researcher Mike Peters told broadcaster ORF that the increased costs will have an impact on the travel behaviour of guests.
Many guests should arrive later or look for cheaper accommodation. "They are more likely to travel on Tuesday in the morning instead of Monday afternoon," said Peters. Another possibility: the tourists look for cheaper accommodation. This could be necessary in some cases such as Tirol. There, hotels have already increased their prices by 20 to 30 percent.
However, there is "hope" in "loyal guests", who are said to be enthusiastic skiers and, in particular, the "good" skiers, the expert said.
READ ALSO: Reader question: Is travelling to Austria this winter worth it?
- Virologists say now is the time to get the flu vaccination
According to the flu reporting service, there are currently around 10,000 suspected cases per week in Vienna, broadcaster ORF said. A few hundred turned out to be actual cases of influenza, with a slight upward trend.
"Now is the ideal time for the flu vaccination," advised virologist Monika Redlberger-Fritz.
"Right now, we're on the verge of a flu epidemic," Redlberger-Fritz said. After the vaccination, it takes about one to two weeks until the immune system is sufficiently trained and protected against the flu - so you should get vaccinated now, she stated.
Flu vaccination is generally recommended for all people who want to protect themselves and approved vaccines are available for everyone over the age of six months.
The National Vaccination Panel recommends vaccination particularly urgently, for example, for people over 60, pregnant women and babies and young children - as they have an increased risk of a severe course.
READ ALSO: Masks against Covid and flu: What’s ahead for Austria this winter
- Weather
The clouds will remain relatively dense for the time being, from Vorarlberg to western Lower Austria it will rain at times, Austria's meteorologic institute said. The snow line will be between 700 and 1200m.
In the course of the day, dry weather will slowly prevail everywhere and the sun will shine more frequently in the afternoon in all parts of the country. The wind will be light to moderate in the Danube area temporarily brisk from southwest to west.
The daily high temperature is 4C to 10C.
If you have any questions about life in Austria, ideas for articles or news tips for The Local, please get in touch with us at [email protected].
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.