According to a study released today by economists, the heatwaves, droughts, and floods that marked the summer of 2025 caused damage to the European economy totaling €43 billion. The report emphasizes that these immediate costs are only the beginning.

The study, led by Ceris Usman from the University of Mannheim (Germany) and co-authored by two officials from the European Central Bank, is based on both meteorological data and economic models to assess the damage caused by extreme weather events, which have become more frequent and intense due to climate change. The study considers both direct effects, such as damage to roads, apartment buildings, or crops caused by flooding, and indirect effects, including production losses due to the time needed to restore factories, human casualties, and costs related to adapting to new conditions.

Taking all this data into account, the study estimates that by 2029 the macroeconomic costs resulting from the disasters of the summer of 2025 could reach €126 billion.

According to the study, the hardest-hit countries are Spain, France, and Italy. Countries in Central and Northern Europe have suffered the least losses; however, in recent years, flooding in these regions has been on the rise, which is expected to increase the costs of climate adaptation.