Risk and uncertainty are on the rise, and countries across Europe and Central Asia (ECA) are not immune from it. The region is being hit by crises, conflicts, and continued uncertainty that are negatively affecting people’s livelihoods in the short term and prosperity in the long term. The 2008 financial crisis was followed by instability and a series of regional conflicts that significantly reduced growth and prosperity. Then COVID-19 hit, inflicting massive damage on people’s wellbeing, livelihoods, and human capital. Lockdowns prevented people from working, school closures caused students to fall behind in learning, and overwhelmed hospitals had to postpone important medical treatment. By January 2023, the COVID-19 pandemic had caused, directly or indirectly, more than 3.5 million excess deaths across the region,1 and profoundly affected people’s livelihoods and human capital across the life cycle, often leaving long-term damage.