European economy faces 113 billion euro losses from heatwave

The German insurance services group "Allianz" estimates that the heatwave experienced across Europe this summer led to economic losses of 113 billion euros in 2026, with Italy, Germany, and France being the hardest hit. Gross domestic product declined due to reduced production, increased periods of work stoppages, and the region suffered real damage from storms and floods, with damages in Germany over the past five years amounting to approximately 50 billion euros, and the annual damage rate doubling since the beginning of the century. The study pointed out that climate change is a major cause of rising temperatures, with a noticeable increase in northern countries like Norway. Allianz also predicts that the "El Niño" phenomenon will cause a global economic contraction of 392 billion euros in 2027, with even greater damages expected in China.

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