Leading-order equations governing the dynamics of a two-dimensional thin viscous sheet are derived. The inclusion of inertia effects is found to result in an illposed model when the sheet is compressed, and the resulting paradox is resolved by rescaling the equations over new length-and timescales which depend on the Reynolds number of the flow and the aspect ratio of the sheet. Physically this implies a dominant lengthscale for transverse displacements during viscous buckling. The theory is generalised to give new models for fully three-dimensional sheets.