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A report highlights the economic repercussions of intense heatwaves in Europe, which cause temperatures to soar several times above the global average and result in massive losses. Currently, heatwaves serve as an early warning for European decision-makers, as they require billions of euros in investments for adaptation and negatively impact productivity and the industrial sector, in addition to increasing human and economic costs. The European Commission has estimated that approximately 70 billion euros need to be spent annually until 2050 to combat climate change, while Allianz's estimates suggest that economic losses in Europe could reach up to $130 billion in Germany and $240 billion in France by 2030, reflecting the scale of the challenges facing the European economy in the coming years.
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