Although there were early warnings of an exponentially growing pandemic, most policymakers around the world were unprepared and reluctant to act when Covid-19 first spread from China around the world. Since then the crisis has led to unprecedented restrictions and triggered the worst recession since the Second World War. In an article published in the Journal of Risk Research, Aengus Collins, Marie-Valentine Florin (both EPFL International Risk Governance Center) and IASS Scientific Director Ortwin Renn analyze the key factors and offer recommendations on how we can better prepare for future crises.