Europe is now the fastest-warming region on the planet after the Arctic, with temperatures rising at double the global average since the 1990s. Worker productivity drops by 2% to 3% for every degree above 20 degrees Celsius, and up to 25,000 people died during Europe’s worst-ever heat wave. According to an Allianz study, heat-related losses could reach $240 billion in France, $147 billion in Italy, $131 billion in Germany, and $120 billion in Spain by 2030, with cumulative GDP losses reaching 7% in the most-exposed economies. Sectors most at risk include agriculture, construction, logistics, manufacturing, and metallurgy, where employers are developing adaptation strategies such as air-conditioned rest areas and flexible shift times. The bulk of these losses remain uninsured, making extreme heat a structural economic risk for Europe.
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