Study Warns of 126 Billion Euro Cost of Europe's 2025 Extreme Weather
A recent study by researchers, led by Sehrish Usman and ECB, has revealed the staggering cost of extreme weather events in Europe. The findings, based on a combination of historical and current weather data, along with macroeconomic data from 1995 to 2022, paint a grim picture of the economic impact of heatwaves, droughts, and floods.
The summer of 2025 was particularly devastating. It saw 53 floods, 31 regional heatwaves, 130 areas of exceptional drought, and 65 regions affected by both extreme heat and drought. The total estimated cost of these events was a staggering 126 billion euros.
Heatwaves alone caused short-term damages of 6.8 billion euros and long-term total costs of over 30 billion euros, with France, Spain, Italy, and Bulgaria being the hardest hit. Droughts resulted in nearly 29 billion euros in short-term losses, which could total nearly 75 billion euros by 2029, primarily impacting southern EU countries. Floods, too, took a heavy toll, with southern European countries suffering the most, losses reaching up to 35 billion euros in the three summer months. Germany's losses amounted to around 2.5 billion euros.
The study considered a wide range of impacts, including destroyed buildings, crop losses, reduced productivity, labor loss, and business closures in affected regions. Direct damages from extreme weather totaled 43 billion euros across the EU, but indirect and long-term damages were significantly higher.
The study highlights the urgent need for climate adaptation and mitigation strategies. The economic costs of extreme weather events are mounting, with southern EU countries bearing the brunt. As the climate continues to change, so too will the frequency and severity of these events, making proactive measures more crucial than ever.
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