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Weather- and climate-related extremes caused economic losses of assets estimated at EUR 822 billion during 1980 - 2024 in the European Union, with over EUR 208 billion (25%) between 2021 and 2024. Analysing trends in economic losses is challenging, primarily due to large annual variability. Statistical analyses revealed that economic losses increase over time and the last four years are all in the top five years of the highest annual economic losses since 1980. As severe weather- and climate-related extreme events are expected to intensify further, associated economic losses will likely continue to increase.
Figure 1. Annual economic losses caused by weather-and climate-related extreme events in the EU Member States
Climate-related hazards, such as temperature extremes, heavy precipitation and droughts, pose risks to and ecosystems and can lead to substantial economic losses. These losses equally create pressures on public finances.
The 2021 EU Adaptation Strategy aims to build resilience and ensure that the EU is well prepared to manage climate risks. The EU intends to ultimately reduce the overall monetary losses from weather- and climate-related events.
The first European Climate Risk Assessment (EUCRA) concluded that climate risks are accelerating and that cascading climate risks can lead to system-wide challenges affecting whole societies. Climate-related extreme events are expected to intensify further and the adaptation pace is not following the same speed. However, It seems unlikely, although uncertain, that the EU will be able to sufficiently mitigate the impact of these events by building resilience. Associated economic losses will likely continue to increase.
The future cost of climate-related hazards depends on the frequency and severity of events and several other factors, such as the value of the assets exposed and the effectiveness of the implemented climate adaptation measures. Studies show the benefits of adaptation measures, including nature-based solutions, to mitigate the impacts of weather- and climate-related extremes in Europe. A comprehensive, integrated approach is required to adapt to and manage the risks, and develop strategies that deal with the remaining and residual risks not mitigated by adaptation measures.
Between 1980 and 2024, economic losses due to weather- and climate-related extremes amounted to an estimated EUR 822 billion (2024 prices) in the EU. Hydrological hazards (floods) account for 47% and meteorological hazards (storms, including lightning and hail) for around 27% of the total. For the climatological hazards, heat waves caused almost 18% of the total losses. The remaining 8% were caused by droughts, wildfires, cold spells and frost.
Relatively few events were responsible for most of the economic losses: 5% of climate-related events with the biggest losses were responsible for 59% of losses, and 1% of the events caused 37% of losses. On the other hand, 66% of events, that reflect events with the smallest losses, recorded a total of only 5% of the losses .
The average annual (constant 2024 EUR prices) economic losses were around EUR 8.6 billion in 1980-1989, 14.9 billion in 1990-1999, 16.5 billion in 2000-2009, 19.7 billion in 2010-2019 and 44.9 billion for the period 2020-2024. A statistical analysis of a 30-year moving average reveals that economic losses increased over time. A linear trendline through these 30-year averages represent a 54% increase from 2009 to 2024, or 3.4% per year.
The five years with highest annual values are:
Figure 2. Economic losses and fatalities caused by weather - and climate - related extreme events (1980-2024) - per country
The economic impact of climate-related extremes varies across the EU. In absolute terms, the highest economic losses during the period 1980-2024 were recorded in Germany, Italy, France and Spain. Highest losses per capita were calculated in Slovenia, Switzerland, Luxembourg and Spain. The highest losses per area (in km2) were found in Slovenia, Belgium, Switzerland, Luxembourg and Germany.
According to estimates for 1980-2024, less than 20% of total losses were privately insured. This varied among countries, from less than 3% in Bulgaria, Croatia, Cyprus, Lithuania, Malta, Romania and Iceland to over 35% in Belgium, Denmark, France, Luxembourg, Netherlands, Liechtenstein, Norway and Switzerland. There were significant differences between event types. For meteorological events, over 35% of the economic losses were insured. It was around 15% for hydrological events and slightly over 10% for all climatological events, including heatwaves, wildfires, droughts, cold spells and frost.
The EU adaptation strategy aims to promote action at national level. All countries have a national adaptation policy adopted using different instruments such as strategies and national, regional and sectoral plans, also laws with adaptation relevance reflecting differences in governance in between countries. The Climate-ADAPT platform — developed by the European Commission and the EEA — supports action by sharing knowledge on climate change and its impacts, adaptation strategies and plans, and case studies.