Extreme heat costs Europe billions of euros - Report/ By 2030, production and labor productivity will decrease
The heatwave that has hit Europe is no longer just a climate problem, but is becoming a serious economic threat. According to recent analyses, extreme temperatures could cost European economies hundreds of billions of euros by 2030, reducing economic output and labor productivity. Experts warn that the consequences are not only related to high temperatures.
When the thermometer crosses 30 degrees Celsius, worker productivity drops by an average of 3% for every additional degree, while electricity demand increases by around 1.2% as households and businesses use more cooling systems. The report estimates that France is the European country most exposed to the economic costs of extreme heat.
Its losses could reach around 209 billion euros over the next five years. It is followed by Italy with around 128 billion euros in potential losses, Germany with 114 billion euros and Spain with 104 billion euros. In some countries, the impact could translate into a contraction of economic activity of up to 7% by the end of the decade.
The report comes as Europe is grappling with a severe heatwave. In France, more than 40 million people are under heatwave warnings as temperatures soared above 40 degrees Celsius. Similar conditions are also being reported in Spain, Italy and Germany.
No major European economy is considered fully prepared for the economic consequences of extreme heat, experts say, and climate adaptation is becoming as important as traditional economic policies.
Investments in thermal insulation of homes, cooling systems, energy networks and insurance against natural disasters can help mitigate the costs brought by an increasingly hot Europe.
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