European Union climate damages reach 822 billion euros since 1980

Climate-related extreme weather events have caused an estimated 822 billion euros in economic damages across the European Union between 1980 and 2024, according to data from the European Environment Agency (EEA).

There has been a significant acceleration in these costs in recent years. The period between 2021 and 2024 alone accounted for 208 billion euros in losses, representing approximately one-quarter of the total cumulative damage since 1980. While losses grew steadily for decades, the recent surge highlights a sharp increase in economic impact.

Floods are the primary driver of financial loss, accounting for 56 percent of the total, while heatwaves are responsible for 81 percent of deaths linked to extreme weather. In terms of absolute value, Germany recorded the highest costs at approximately 180 billion euros. However, when measured per capita, Slovenia experienced the highest impact with nearly 8,733 euros in losses per inhabitant.

Currently, less than 20 percent of these damages are covered by insurance, leaving a significant portion of the economic burden to be addressed by other means.