Overview

• About €43 billion of the losses are expected in 2025, with remaining effects unfolding through 2029.
• Spain, France and Italy face the largest hits at roughly €34–35 billion each, while Germany’s losses are estimated at about €2.5 billion.
• The assessment measures reductions in gross value added and includes indirect effects such as lower productivity during heatwaves and climate-related migration.
• Some damages are likely understated because wildfire losses and combined drought‑plus‑heat impacts were not fully captured.
• The analysis covers 1,160 regions; 96 faced heatwaves, 195 drought and 53 floods, with southern areas hardest hit and northern countries seeing growing flood risk.