Europe is facing its fifth heat wave of the year as Swiss Re Institute warns of far-reaching consequences. The continent is warming nearly twice as fast as the rest of the world, with only 20% of European households equipped with air conditioning compared to 76% in North America. Low water levels in Germany’s Rhine River are already affecting chemical, metal and construction sectors, while wildfires in France, Spain and Greece caused up to 19.1 billion euros in damage this summer according to a preliminary estimate by AccuWeather. Swiss Re Institute notes that insured losses from natural catastrophes in the first half of 2026 reached $42 billion, well below the long-term trend, but maintains that the long-term upward trend remains intact.
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