Allianz Study: Heat Costs Europe's Economy 113 Billion Euros

TVS News AI, editorially supervised, presents Allianz Study: Heat Costs Europe's Economy 113 Billion Euros.

The heatwaves of recent months have taken a physical toll on many people – and apparently on the economy as well. According to a new Allianz calculation, extreme heat is significantly dampening Europe's economic output this year.

Specifically, Allianz puts the economic damage from extreme heat in Europe at around 113 billion euros. Germany is among the hardest-hit countries.

At the same time, Allianz warns of further rising damages from climate change. This puts heat more firmly in view as an economic risk factor.

What Allianz specifically calculated

Allianz puts the economic damage from extreme heat in Europe at around 113 billion euros – as reported by Tagesschau. Der Spiegel picks up the calculation and writes: The intense heat of recent months has taken a toll on many people and, according to the insurer's calculations, had significant impacts on economic output.

Both sources paint the same picture: The heat has consequences that show up not only in everyday life but also in the economy.

Why Germany is particularly affected

According to Allianz, Germany is among the hardest-hit countries in Europe – something Tagesschau explicitly emphasizes. Der Spiegel classifies the heatwaves as a Europe-wide phenomenon, but also emphasizes the strong impacts on economic output, though without separately quantifying individual countries.

Allianz warns of further rising damages

The study is also a warning: According to Tagesschau, Allianz expects further rising damages from climate change. This gives the topic weight beyond the summer – and becomes a stress test for the economy, employees, and public budgets alike.