Extreme heat, drought, and flooding induced by climate change have cost Germany at least 6.6 billion euros ($6.69 billion) in damages every year on average over the last two decades, according to a research released on Monday, with some catastrophic incidents costing tens of billions.
The Prognos study comes as authorities throughout Europe fight to manage massive flames, with hundreds of fatalities blamed on rising temperatures that experts believe are compatible with climate change.
According to the analysis, floods in the states of Rhineland-Palatinate and North Rhine-Westphalia in 2021 would cost more than 40 billion euros in damages, and when coupled with the scorching summers of 2018 and 2019, the cost to Europe’s largest economy will be 80 billion euros.
According to the study’s authors, estimates of damage since 2000 might be considerably greater owing to particular incidents that have yet to be investigated and unquantifiable impacts such as the influence on health and the ramifications for biological diversity.
Heat waves and drought cost 25.6 billion euros in losses to Germany’s forests and agriculture in 2018 and 2019, in addition to nine billion euros in damages caused by employees’ poorer productivity in the industrial and commerce sectors.
The German government has ramped up climate preservation measures with far-reaching changes for the utilities sector as well as throughout industrial sectors, buildings, transportation, and agriculture, with the goal of being carbon neutral by 2045.