What approaches are used for exception and error handling in Python?

In Python, the try-except construct is used for exception handling. The try block contains code that may raise an error, and the except block handles specific exceptions. You can also use else (executed if no exceptions occur) and finally (always executed, for example, to release resources).

Example:

try:
    result = 10 / 0
except ZeroDivisionError:
    print("Division by zero is not possible")
else:
    print("Result:", result)
finally:
    print("End of processing")

Additionally, you can create your own exception classes by inheriting from Exception to handle specific errors more precisely.