Climate change causes more than €145 billion of economic losses in EU: Reports

The climate change has caused more than €145 billion of economic losses in the European Union over the last ten years, as per the European Environmental Agency.

The data also indicates that the economic cost of climate change has increased nearly 2 percent annually over the previous decade.

Along with this, in 2020 alone, the total climate-related economic losses amounted to €12 billion.

The highest total loss was reported in 2017, when heatwaves dried the land as well as caused widespread wildfires, costing a total of €27.9 billion.

In addition, Eurostat, the European Union’s statistics agency, explains, “Climate change drives extreme weather as well as climate-related events, which in turn lead to economic losses.”

In 2020, climate change cost the EU’s citizens €27 in economic damages per person. Greek citizens had the greatest economic effects, losing an average of €91 in 2020.

Additionally, at €33, Belgium experienced the fifth-highest economic losses from global warming per person in the EU, more than 20% more than the average. Since 2018, the economic cost of global warming per person in Belgium has increased by about seven.

Prior to this year’s COP27 climate conference, which will take place in Sharm el-Sheikh next month, tens of thousands of demonstrators recently flooded the streets of Brussels to call for more aggressive actions to combat climate change.

Furthermore, the event’s planners made reference to the devastating floods that struck Belgium last year. Added proof that “climate change is having an impact everywhere,” according to Climate Coalition.

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