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Countries with large debts stocks are vulnerable to the vagaries of the markets. Confidence crises can arise out of nowhere, constricting access to the markets. Hence, the question arises as to whether these countries should put in place mechanisms that will help them better prepare for the possibility of crisis. In effect, the choice is whether to buy insurance. The cost of buying such insurance is that the possibility that markets will see the sovereign's proactive steps to protect against a crisis not as an indication of prudent governance but rather as an indicator that a crisis is imminent. In this article, we use the case of a hypothetical euro area country (Italy) with a large debt stock and a known vulnerability to confidence crises to set forth its options, as of 2019, to anticipate a possible future debt restructuring. It can: do nothing, do a little; and do something substantial.

All energy technologies bear risks to society, and deep geothermal energy is no exception, as past projects have induced seismicity. The risk of induced seismicity includes extreme events as well as uncertainty. Risk appraisal is a method to enhance information for decisions that involve negative impacts. It combines both the technical dimensions of risk as well as the societal response to it, where risk communication plays a central role. By including benefits, the present thesis expands such risk appraisal at first. It then investigates communication of extreme events and uncertainty to facilitate future appraisal. Discussion emerges about where to ideally site deep geothermal energy projects: rural areas minimize potential damage due to induced seismicity but residual heat cannot be purposefully used in many cases; whereas urban areas with many residential buildings and infrastructure imply high potential damage due to induced seismicity but effective use of residual heat. The first study monetizes 12 deep geothermal energy siting scenarios using cost-benefit analysis from the private and social perspective. The scenarios that are different in siting and capacity are coupled to purposefully modelled induced seismicity risk. Monte Carlo and sensitivity analyses account for uncertainties. The second study appraises societal response to such siting scenarios and explores how well the public accepts four different deep geothermal energy siting scenarios within an online survey (N = 814). The study contrasts acceptance ratings of the four different scenarios (within-subjects design) with ratings between Switzerland and Germany (between-subject design). Results from the technical appraisal suggest to site deep geothermal energy where considerable heat can be sold but damage due to IS remains limited but not necessarily zero thus towns. In contrast, the societal appraisal suggests that the public prefers projects sited in remote areas while ideally, using residual heat. The results in Switzerland and Germany were rather similar, but the Swiss public was generally more positive. Importantly, induced seismic risks affected acceptance ratings most. Thus, policies to reduce the risk of induced seismicity must be given the highest priority to gain public acceptance. In face of extreme events and uncertainty, the third study tests three incrementally different risk communication formats (qualitative, qualitative and quantitative, qualitative and quantitative with risk comparisons) for low-probability high-consequence seismic events. It also tests how the public reacts to disclosing uncertainty and whether reactions are different for identical induced seismicity risks from deep geothermal energy and shale gas. Respondents found formats with quantitative information the most exact and liked them the most. Disclosing uncertainty made the risk communication less clear, less easy to understand and increased concern but did not affect trust in scientists. Above all, the technology for which risks are communicated and its acceptance mattered strongly: respondents in the shale gas condition found the identical risk communication less trustworthy and more concerning than in the DGE conditions. They also liked the risk communication overall less. The present thesis’ results add to timely discussion about the emerging technology of deep geothermal energy in research and science. Within the thesis’ conclusion, their implications are discussed and suggestions for further scientific investigations are derived.