Europe’s climate bill: the price of extreme weather
Europe’s “summer of hell” is impacting people, assets and the environment with exceptional intensity. Extreme weather and climate-related events lead to economic losses in different sectors. An overview of the estimates and projections of Europe’s economic toll from extreme climate events.
Europe is facing an onslaught of extreme weather conditions, from scorching heatwaves in southern Italy to relentless wildfires in Greece. The soaring temperatures have put immense pressure on emergency services, leading to massive evacuations and challenging living conditions for both residents and tourists. With record-breaking temperatures surpassing 40 degrees Celsius in multiple countries, the region is grappling with the most intense heatwave of the summer, creating a ‘heat dome’ effect that brings stable and dry conditions.
The Mediterranean region, in particular, is bearing the brunt of this summer’s heatwave. Temperatures neared 50°C in most parts of North Africa, with severe wildfires affecting Algeria and Tunisia and causing dozens of fatalities and forcing the evacuation of hundreds of people. On the European side of the Mediterranean, temperatures reached an astonishing 47.4 degrees Celsius in Sicily and up to 45 degrees Celsius in parts of Greece, eastern Spain, Sardinia, and other regions in southern Italy.
According to the Copernicus Climate Change Service, “the current extreme heat is due to an anticyclone, a high-pressure system, that is dominating the upper atmosphere over southern Europe”. High-pressure systems compress and warm air, reducing cloud cover and allowing more solar radiation to reach the ground, which heats Earth’s surface during summer. Additionally, large-scale winds can blow hot air, like from northern Africa into Europe, contributing to heatwaves, although this effect appears less significant in the current heatwave.
Firefighters are struggling to control wildfires that have enveloped large areas of the Greek island of Rhodes, prompting the largest evacuation effort in the country’s history. Meanwhile, in Malta and in Palermo, Sicily, persistent power cuts have left residents without cooling systems or fans, and consequently without water supply, leading to what is now described as a summer of hell for many.
Scientists and economists alike are increasingly concerned about the serious economic and environmental consequences of climate change and extreme events.
The impact of climate change includes damage to property and infrastructure, lost productivity, mass migration, security threats, and coping costs. Extreme weather events like floods, storms, and wildfires require extensive repairs, and disruptions can harm various industries and daily life. Climate-related health risks and extreme heat may also affect productivity. Global warming may also lead to higher migration flows, increasing the need for coping measures.
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