This summer’s extreme weather events could cost the European Union’s economy at least 43 billion euros (US$50 billion) in the short term, reports 24brussels.
Spain endured its hottest summer on record, registering a total of 33 days under heatwave conditions, which contributed to the most severe wildfire season in three decades. The national weather agency AEMET reported that this summer was 2.1°C warmer than the average from 1991 to 2020, surpassing the previous year’s record by 0.1°C. The heatwave days this summer ranked second in the last two years, following 2022’s record of 41 days.
According to AEMET spokesperson Ruben del Campo, nine of the ten hottest summers in Spain have occurred during this century. Remarkably, one of the three heatwaves lasted for 16 consecutive days, with temperatures exceeding the historical long-term average by 4.6°C. Since 1975, only six out of 77 heatwaves have recorded an anomaly of 4°C or more, five of which occurred since 2019.
The wildfire outbreaks, which have plagued both Spain and neighboring Portugal, were exacerbated by conditions attributed to climate change, with scientists concluding that the weather contributed to a 40-fold increase in wildfire likelihood. “Hotter, drier and more flammable conditions are becoming more severe,” said Clair Barnes, a researcher at the Centre for Environmental Policy at Imperial College London, highlighting the intense fires resulting from these phenomena.
Barnes warned, “Unfortunately, these fires are a sign of what is to come. With every fraction of a degree of warming, extreme, long-lasting heatwaves will continue to intensify, increasing the chance of huge wildfires.” Already, nearly one million hectares have burned across the European Union this year, making it the worst wildfire season since records began in 2006. This year’s wildfires are estimated to have emitted 39.4 million tonnes of CO2—more than triple the emissions from the same period last year.
$46bn in Economic Losses
On Monday, scientists alerted European Union lawmakers that the ongoing extreme weather conditions could lead to economic losses amounting to at least 43 billion euros. The report linked rising temperatures, prolonged drought, and flooding to an estimated short-term economic impact equivalent to 0.26% of the EU’s economic output for 2024. Key sectors such as construction, hospitality, and agriculture are expected to suffer from diminished productivity, infrastructure damage, and disruptions in the supply chain.
Research indicates that Cyprus, Greece, Malta, and Bulgaria are facing the most significant economic repercussions, followed by other Mediterranean countries, including Spain, Portugal, and Italy. The authors of the study emphasized the necessity for EU member states to develop effective adaptation strategies as the continent continues to experience rapid warming.