Climate change drives extreme weather and climate-related events, which in turn lead to economic losses. Such events, including heat waves, floods and storms, have caused over €145 billion in economic losses in the EU over the past decade. Furthermore, the 30-year moving average of climate-related economic losses shows a clear trend, increasing nearly 2% annually over the last decade. These are estimates by the European Environmental Agency, republished by Eurostat.

In 2020, the total climate-related economic losses were €12 billion. The highest total loss was recorded in 2017 (€27.9 billion), more than double that in 2020, as a result of the heatwaves registered in Europe that dried the land and caused wildfire conditions. The lowest total loss was observed in 2012 (€3.7 billion).

Greece recorded highest climate-related economic losses per inhabitant

In 2020, climate-related economic losses stood at €27 per EU inhabitant. The Member State with the highest loss per inhabitant (almost three times higher than the EU average) was Greece (€91 per inhabitant), followed by France (€62) and Ireland (€42). The lowest losses per inhabitant were registered in Bulgaria (€0.7 per inhabitant), Slovenia and Slovakia (both €4).