Berlin, July 18 (BUS): Extreme temperatures, droughts and floods caused by climate change have cost Germany at least 6.6 billion euros ($6.69 billion) in annual damages on average in the past two decades, a study shows, with some severe episodes. Losses amount to tens of billions.
The study by economic research firm Prognos comes as authorities across Europe struggle to control massive wildfires, blaming hundreds of deaths from rising temperatures that scientists say are in line with climate change, Reuters reported.
Germany’s Ministries of Economy and Environment cited the study as showing that floods in the states of Rhineland-Palatinate and North Rhine-Westphalia in 2021 cost more than 40 billion euros in compensation, in addition to the hot summers of 2018 and 2019 costing the most in Europe. The economy rose to 80 billion euros.
The study authors said damage estimates since 2000 could be higher due to individual events that have not yet been examined and non-quantifiable impacts such as impact on health and consequences for biodiversity.
Germany’s forests and agriculture suffered 25.6 billion euros in damages in 2018 and 2019 due to heat waves and droughts.
Nine billion euros in damages from lower worker productivity in the industrial and commercial sectors.
“We must and will now invest more in climate protection and adaptation in order to better protect our population,” German Environment Minister Steffi Lemke said.
The German government has ramped up climate protection efforts with far-reaching reforms to the utilities sector and across manufacturing, buildings, transport and agriculture, with the goal of being carbon neutral by 2045.
ZHB