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Extreme weather in Europe this summer, including droughts, heat waves, and floods, has already cost the EU an estimated €43 billion, reducing economic output by nearly 0.5%. A new study predicts cumulative damage of €126 billion by 2029. Droughts caused the most significant damage (€29.4 billion), followed by heat waves and floods. Southern Europe was hardest hit, while even northern regions experienced increased frequency and magnitude of extreme weather events. The study highlights the long-term economic impacts of climate change, including disruptions to supply chains and reduced worker productivity.

Prepared by Christopher Adams and reviewed by editorial team.