Europe faces 113 billion euro heatwave costs

The heatwaves that struck Europe this year caused damages worth approximately €113 billion, with Italy, Germany, and France bearing two-thirds of the total, according to Allianz Insurance. The study estimates that these losses represent about 0.46% of the GDP of the three countries, resulting from disaster damages, production losses, and pressures on household purchasing power. Projections indicate that 2027 could see exceptional heatwaves, potentially becoming the hottest year on record, with the costs of the El Niño climate phenomenon exceeding $451 billion globally, with the majority of damages expected to occur that year.

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