One of the less heralded consequences of globalization is the emergence ofcrises of expanding magnitude, often described as low probability highimpact events, which due to their systemic nature, test our ability to coordinate and swiftly execute a response.The Iceland volcanic ash crisis which happened in April 2010epitomizes the general problem of emergency response in a world ofuncertain manufactured and natural risks.HEC Paris convened an international workshop in November 2010 devoted to the challenge of emerging risks. The workshop conceptualized the response to the volcanic ash problem and uses thatproblem as a case in point to explore the general problem of emergencyresponse in an environment where – as recently showed by the Japanese earthquake - the lines between manufactured andnatural risks are increasingly blurred.International scholars and scientists from the mostprestigious institutions (Oxford, LSE, Duke, NASA, United States Air Force, UK Met Office, UNECE, HEC Paris, etc) discussed theparalysis of European airspace in April 2010 as a result of volcanicactivity in Iceland and look beyond that crisis to formulate recommendations for better emergency risk regulations.