Climate shocks could cost eurozone 5% of GDP, economists warn ...Middle East

Under a severe scenario, the 20-member eurozone would suffer an economic hit not only from a series of natural hazards at home but also those abroad that would hit its supply chains.

The figure comes from modelling by the Network for Greening the Financial System (NFGS), a global coalition of over 140 central banks and financial regulators that promotes the management of climate risk in the financial sector.

Under the most severe scenario, dubbed “Disasters and Policy Stagnation,“ Europe would face back-to-back waves of extreme heat, droughts and wildfires starting in 2026, as well as destructive floods and storms.

Supply chain disruptions could boost inflation and crimp growth, the blog post said, while extreme heat and disasters could directly impact workers, property and infrastructure.

Western Europe had its hottest June on record last month, causing reduced hours for schools and workplaces as well as increased breaks to cool off and deal with the heat. – AFP

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