In the coal phase-out era, achieving sustainable mine closure is significant and prioritizes targets for the mining industry. In this study, the already closed lignite mine of Kardia, North Greece, is investigated, where the mine void left is naturally filled with water. The viability of different repurposing land uses is evaluated, and the natural water level development inside the mine pit is investigated concerning its future uses. The potential for solar photovoltaic (PV) panels developed on mining land and its surrounding area is evaluated in combination with the application of pumped hydro storage (PHS) technology, utilizing pit lake water. Except for electricity system planning, other end-uses that offer multiple, mutually reinforcing and lasting benefits are investigated, such as recreation parks, terrestrial wildlife, aquaculture and agriculture. All repurposing scenarios are evaluated with regard to the spatiotemporal evolution of the lake, by generating forecasts of the dependent variables (rainfall and temperature) via linear (autoregressive integrated moving average) and non-linear (artificial neural network) models. The prediction of pit lake natural development redefines the new land use layout and the land repurposing decisions. This is essential for strategic planning, considering the Greek lignite mining industry’s priority regarding transitioning from the current coal-based electricity to renewable energy sources (RES) technology.

Catastrophe (CAT) bonds necessitate a robust construction with regard to the estimated probability measure of their triggering parameter. This article concentrates on earthquakes as the primary natural catastrophe of concern. By leveraging the geometry of active faults for estimating default probability, we utilize seismic event information spanning up to 15,000 years in the past—thereby surpassing the restricted time range of available historical catalogs commonly used in other analyses, which typically cover only a few hundred years. This article introduces the design and pricing methodology of CAT bonds employing autoregressive neural networks, extending the standard VAR Nelson-Siegel model for yield curves. It presents a case study focused on the region of Greece, estimating that an additional spread of approximately 500 basis points over LIBOR constitutes the minimum premium required to attract an investor to undertake the associated risk. This premium could be absorbed by insured parties as an alternative to the conventional insurance process.