Extreme weather costs Europe billions in damage

Extreme weather and climate-related events cost Europe billions of euros every year, according to an analysis by the European Environment Agency (EEA) published on Wednesday.

The report found that the economic damage caused by such events in 38 European countries amounted to more than €45 billion (about $53 billion) in the most recent comparison year, 2023.

In 2021 and 2022, they were even higher. The EEA says the economic damage caused by extreme events has now exceeded the total mark of €790 billion since 1980 – in Germany alone, it amounted to €180 billion.

The Copenhagen-based environmental agency analysed data from the 27 EU countries and 11 closely associated countries, including Switzerland and, for the first time, the six countries of the Western Balkans.

According to the analysis, the highest overall damage was in Germany, followed by Italy, France and Spain - the four most populous countries in the region. Per capita, the damage was highest in Slovenia.

According to the analysis, the main causes of the damage were floods, storms, wind and hail.

The environmental agency says that too little of this damage was insured. As a result, the total economic damage is growing faster than the insured damage.