The fires are also "burning" the European economy / Damages exceed 3 billion euros. Ash covers almost 5 million hectares
The economic cost of the fires and heatwaves that have hit Europe has already reached over €3 billion. Almost 5 million hectares have been destroyed by fires in the first two months of the high-risk period, with costs reaching €3.1 billion for the five most affected Eurozone countries alone, including Greece, Portugal and Romania.
This amount exceeds the European Commission's estimates of an average annual impact of around €2.5 billion across the European Union. The cost mainly relates to rehabilitation work, so that burnt areas can be returned to their previous state. However, the final financial cost is expected to be much higher, as damage to property, crops, businesses and tourism has not yet been fully calculated.
In France, the Gironde Chamber of Commerce and Industry reported that at least 40,000 businesses were directly affected by the fires. Of these, around 19,500 had completely suspended operations by July 30, while by the end of July, between 120,000 and 150,000 workers were in part-time jobs subsidized by the state.
In Spain, fires reached a distance of about 50 kilometers from Madrid, causing damage to homes, businesses and vehicles in rural areas. The country's Association of Small Farmers estimates that at least 18,500 hectares of productive land, mainly pasture, have been lost.
The economic impact is not limited to the immediate devastation. Insurance companies, households and businesses continue to suffer losses, while the impact on tourism is also expected to be significant, at a time when the summer season is at its peak. In the case of Greece, where fire fronts remain active, the overall economic impact cannot yet be calculated.
The economic losses could be more than three times the annual average of 2.1 billion euros in lost GDP, which was calculated for the regional economies of Portugal, Spain, Italy and Greece in the period 2011-2018. According to experts, if the fires reach cities, the costs will be much, much higher.
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