Extreme heatwaves are becoming a serious threat to the European economy, disrupting industries dependent on outdoor work and exposing gaps in worker protection systems. Total damages could reach €800 billion, according to EUobserver.
“Excessive heat poses a serious risk to Europe's health and economy, with significant macroeconomic and even fiscal consequences“, the portal quotes Hans Martin Füssel, an expert on climate change adaptation at the European Environment Agency (EEA).
France is expected to suffer the greatest financial losses due to the summer heatwave, with an estimated $240 billion worth of economic output at risk between now and 2030, according to an analysis by Allianz SE, Europe's largest insurer. Italy, Spain and Germany could also be seriously affected, the analysis shows.
“Extreme heat waves pose systemic threats, posing risks to multiple sectors and the economy as a whole“, said EEA climate expert Ariana Giannetti.
Europe experienced exceptionally hot weather in the second half of June. Temperatures in western European countries exceeded 40 degrees Celsius. On 9 July, the European Earth Observatory (EEO) “Copernicus“ confirmed that June was the hottest month on record, with an average surface temperature of 20.74 degrees Celsius. According to the Financial Times, the cost to EU countries of fighting forest fires ravaging France, Spain and other parts of Europe has already significantly exceeded €3 billion this year.