Current Flag:
This flag is a Tricolor, so I will say nothing bad about it. The story is really great too. Here is a quote from Wikipedia: “According to legend, the flag was invented by Duke Leopold V of Austria as a consequence of his fighting during the Siege of Acre. After a fierce battle, his white surcoat was completely drenched in blood. When he removed his belt, the cloth beneath remained unstained, revealing the combination of red-white-red. So taken was he by this singular sight that he adopted the colours and scheme as his banner. The incident was documented as early as 1260.” Great symbolism, great story.
My Redesign:
This is essentially a simplified version of the State Flag of Austria. The eagle represents Austrian Sovereignty.