Heatwaves could cost France €10-15 billion, environment minister says
Triodos Bank says heat and wildfire damage could cost the EU about €180 billion in 2026, erasing a year of growth and pushing France into contraction.
- Triodos Bank research estimates extreme heat and wildfires will cost Europe a cumulative €180 billion in 2026, representing around 1% of GDP and threatening to push the bloc near stagnation against expected growth of roughly 1.1% this year.
- The damage stems from four distinct channels, with lower crop yields and dairy output accounting for about 0.15%, while constrained energy generation and disrupted transport capacity add a further 0.12% to 0.15% in losses.
- France emerges as the worst-affected nation, losing an estimated 1.4 percentage points of growth and facing a contraction of about 0.6%, while roughly 25,000 heat-related deaths this summer imply a cost of €1.5 billion to €7 billion.
- Wildfires had burned over 490,000 hectares across Europe by last week, exceeding the 20-year average of 197,000 hectares, with ecosystem service destruction adding €100 million to €4.6 billion in costs according to the European Forest Fire Information System.
- Research suggests adaptation could cut productivity losses by around 40%, yet Triodos argues Europe requires stronger emissions action, citing the Commission's recent move to ease carbon pricing as hindering necessary climate progress.
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On Wednesday, the Ministry of Environmental Transition organized a crisis meeting following repeated heat waves. According to the minister, their cost would be in billions of euros.
This summer's high heats could affect up to half a point of growth in 2026 if the estimate revealed by Monique Barbut at the opening of a drought crisis meeting on Wednesday materialized.
"We can expect an increase in prices," says Emmanuelle Ducros on LCI after signing a survey on the subject in "L'Opinion". "France will have to import a lot more, it has to alert us," adds the journalist. - "France will have to import a lot more, it has to alert us": what risks do heat waves pose to our food security? (Environment).
France Faces Historic Costs as Intense Heatwaves Devastate Economy | Science-Environment
French Environment Minister Monique Barbut has announced that recent heatwaves in France might incur €10 billion to €15 billion in costs. The 2023 heatwave, marked by prolonged intensity and severe impacts, follows 2022's costly drought. Economists warn Europe could see extreme weather costing hundreds of billions due to global warming.
DEXYPTAGE - While insurance is still at the stage of assessing damage, farmers count their losses in billions of euros. The government is advancing a range between 10 and 15 billion.
Heatwaves could cost France €10-15 billion, environment minister says
The heatwaves that have hit France in recent months could result in €10 billion to €15 billion ($17 billion) in direct and indirect costs, French environment minister Monique Barbut said on Wednesday.
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