Extreme weather costs in Europe double - Damages could reach 126 billion euros by 2029
The European Union has warned that it "cannot afford to lower its ambitions on climate and sustainability" after revealing the real cost of damage caused by extreme weather.
A new report from the European Environment Agency has estimated the average annual economic damage caused by climate-related events, such as heatwaves, floods and droughts, over the period from 1980 to 2023.
According to the report, worsening climate impacts could reduce the EU's Gross Domestic Product by 7 percent by the end of this century, with projected losses of €2.4 trillion in the period 2031–2050, if global warming exceeds 1.5°C.
The data shows that the average annual cost of climate extremes in the EU was around €8.5 billion per year during 1980–1989. This increased to €14 billion from 1990 to 1999, and reached €17.8 billion during the period 2010–2019. From 2020 to 2023, this annual cost reached a record €44.5 billion.
This means that the average annual economic losses in the period 2020–2023 were 2.5 times higher than in the previous decade (2010–2019).
The biggest losses came from the 2021 floods in Belgium, Germany and the Netherlands, which are believed to have caused more than 40 billion euros in damage. While in 2023, floods in Slovenia cost the country 16 percent of its national GDP.
Researchers warn that the cost of extreme weather in Europe will worsen further if no action is taken, reaching €126 billion by 2029.
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