Greece faces high climate change economic costs

The European Commission’s 2026 Country Report for Greece estimates that extreme weather and climate phenomena caused economic losses of 18.3 billion euros between 1980 and 2024. A significant portion of these costs remains unaddressed, as only 5% of these losses were insured, shifting the financial burden onto individuals, businesses, and the state budget.

Greece is identified as highly vulnerable to climate change, with floods, heatwaves, wildfires, and droughts threatening macroeconomic stability. To adapt to these challenges, the Commission estimates Greece requires annual investments equivalent to approximately 0.7% of its GDP, or roughly 1.74 billion euros per year, which is higher than the European average of 0.5%.