Costs of extreme weather in Europe/ The figure could reach 126 billion euros by 2029

A new report from the European Environment Agency has calculated the continent's average annual economic losses caused by climate-related events such as intense heat, floods and droughts from 1980 to 2023.

The report found that worsening climate impacts could reduce EU GDP by seven percent by the end of the century, with estimated losses of €2.4 trillion from 2031 to 2050 if warming exceeds 1.5°C.

According to the report, average annual climate-related extremes in the EU cost around €8.5 billion per year from 1980 to 1989.

This rose to €14 billion from 1990 to 1999 before reaching €17.8 billion from 2010 to 2019. From 2020 to 2023, the annual cost reached a record €44.5 billion.

The biggest losses came from the 2021 floods in Belgium, Germany and the Netherlands, which are believed to have caused damage worth more than 40 billion euros./CNA

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