The consequences of the climate crisis are becoming increasingly costly for Europe.
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An analysis by the Financial Times shows that heatwaves and wildfires recorded this year have created a bill of more than €3 billion across the continent, demonstrating the direct impact of extreme events on the economy.
Approximately 5 million hectares of land have been engulfed by flames since the start of the fire season. In France, Spain, Portugal, Greece and Romania, the five hardest-hit eurozone countries, the costs of reforestation and restoring burned areas are estimated at €3.1 billion.
This amount is higher than the annual average of €2.5 billion estimated by the European Commission for the entire European Union.
The estimate does not cover damage caused to homes, businesses, crops and the tourism sector. It also excludes the long-term financial consequences, including rising insurance premiums and the additional funds needed for firefighting equipment.
The European economy is also grappling with the effects of a prolonged water shortage. Low water levels in the Rhine and Danube have hindered the transport of goods and industrial activity. In Hungary and Romania, several nuclear power plants have limited production because they did not have enough water to cool their reactors.
In France’s Gironde region, major industrial companies Safran, Dassault Aviation and ArianeGroup were forced to temporarily halt production processes and evacuate their facilities because of the fires.
The flames also damaged tourism and shellfish farming in the Arcachon Basin, while thousands of businesses were affected. Around 20,000 enterprises suspended their operations.
In Spain, the fires have reached within 50 kilometers of Madrid, burning homes, vehicles and large areas of farmland. The association of small farmers reports that around 185,000 hectares of land have been reduced to ashes so far, most of it consisting of pastureland.
