European economy loses €113B to heatwave

The German group Allianz estimates that the heatwave which struck Europe this summer caused economic losses of approximately 113 billion euros across the continent this year. Italy ranked first with damages amounting to 28 billion euros, followed by Germany with 25 billion euros, and France with 20 billion euros. The study indicates that rising temperatures and an increase in natural phenomena such as storms and floods are linked to climate change, as damages over the past five years in Germany alone have reached around 50 billion euros, with global damages continuously increasing by 54 percent. Experts anticipate that Europe's economic output will decline by about half a percent this year due to ongoing climate changes and the El Niño phenomenon, with the increased likelihood that 144 countries will be affected by 2027 if severe temperature rises persist.

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