According to a recent analysis by Allianz Trade, extreme heat might become a significant hindrance to growth in the biggest economies in Europe due to declining labor productivity and growing need for cooling.
In the nations most vulnerable to rising temperatures, cumulative GDP losses could amount to 5% to 7% by 2030. According to Allianz, France leads the European rankings with possible losses of $240 billion (€209 billion) over the next five years.
With estimated losses of $147 billion (€128 billion), Italy’s economy is the second most vulnerable in Europe, followed by Germany at $131 billion (€114 billion) and Spain at $120 billion (€104 billion). In contrast, Japan might suffer losses totaling $354 billion (€308 billion).In the nations most vulnerable to rising temperatures, cumulative GDP losses could amount to 5% to 7% by 2030. According to Allianz, France leads the European rankings with possible losses of $240 billion (€209 billion) over the next five years.
With estimated losses of $147 billion (€128 billion), Italy’s economy is the second most vulnerable in Europe, followed by Germany at $131 billion (€114 billion) and Spain at $120 billion (€104 billion). In contrast, Japan might suffer losses totaling $354 billion (€308 billion).
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