Contemporary society can undisputably be characterized, following Ulrich Beck, as a risk society. Since catastrophic risks are endlessly multiplying, the scope of risk management is broader than ever. This paper addresses more generally the question of how and by whom decision making regarding risk management is made in the European Union. More precisely, it provides a critical analysis of the legal discourse, on the one hand, on the use of the precautionary principle in risk management, and, on the other hand, on compensation for individuals who suffer financial losses related to decisions that are taken based on this principle. This critique will here be illustrated through an analysis of the Giovanni Pesce and Others v. Presidenza del Consiglio dei Ministri-Dipartimento della Protezione Civile and Others case.