Yes, the OLB speaks of a flood, and I have posted about a part of that poem by Willem van Haren (18th century), in which he mentioned a great flood that separated England from the European mainland. A flood accompanied with earthquakes and mountains 'crumbling', and so on. The problem, however, is that scientists found out that that flood (a huge tsumami caused by the Storegga Slide) took place around 6145 BC, a 4000 years before the flood mentioned in the OLB. So why does the OLB talk about 2194 BC?? Well, because that was the accepted date for the Biblical Flood by Frisian 19th century theologians/historians.
You ask about a theory why Punic and Runic seem similar, but I gave you one, yesterday (Theo Venneman).
Yep, I get your drift, lol. I hope you also get mine.
I think of Phoenicians as semitic rather than indo-european culturally though they may well have acquired indo-european ethnicities. Minoans I would put into the PIE or Iberian group so though they are very close to indo-europeans for me they do precede what we generally think of as IE cultures. If I'm wrong I'd like to know where my logic is going wrong.
I think I get Venneman's theory but I still think it makes more sense for Runic and Punic to have originated out of the region around Lake Van. This would also link in the Indo-Iranians potentially as I did like the connections that Puzzler was making.