Europe faced a major disaster due to the heatwave experienced throughout the summer. Wildfires affected many countries from Spain to Greece.

According to The Guardian, economists from the European Central Bank and Mannheim University reported that the financial cost of these wildfires to Europe is 43 billion Euros. These losses could rise to 126 billion Euros by 2029.

Southern Europe suffered the most severe damage as temperatures soared to 50 degrees. Countries like Cyprus, Greece, Malta, and Bulgaria experienced short-term losses and became dependent on EU funds.

Economist Sehrish Usman from Mannheim University stated that the true costs of extreme weather events will emerge over time. Climate change is exacerbating this situation by increasing the risk of wildfires.

Stéphane Hallegatte, the chief climate economist at the World Bank, emphasized the need to focus on broader economic consequences rather than just the direct damages of disasters. This situation serves as an important lesson for the European Union and the United Nations.