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A study by Allianz Trade shows that the heatwaves Europe experienced during summer 2026 resulted in economic losses close to $128 billion (0.46% of the GDP of the twenty most affected countries). The study focused on the most intense five-day heatwave period between June and August and revealed that Italy, Germany, and France accounted for two-thirds of the losses, with estimated damages of €27.8 billion for Italy, €25 billion for Germany, and €20.1 billion for France. Projections also indicate that the impact of heatwaves includes a decline in productivity and working hours, as well as increased pressure on household purchasing power, with higher humidity levels raising heat stress. The study warns that losses could rise further if a strong "El Niño" phenomenon develops, potentially causing total damages of up to $451 billion in 2027. Additionally, there is a risk of record-high increases in food inflation. The World Meteorological Organization predicts temperatures will be between 1.3 and 1.9 degrees Celsius above pre-industrial levels from 2026 to 2030.
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