Europe\u2019s latest heatwave has already pushed temperatures above 40\u00b0C in several countries, such as France<\/a> or Spain, while strained healthcare systems contributed to thousands<\/a> of excess deaths across Europe.\u00a0\u00a0<\/p>\n \u201cHeat stress is often called the silent killer,\u201dsaid World Health Organisation chief Tedros Adhanom Ghebreyesus in a post on X<\/a>.\u00a0<\/p>\n France could face the largest financial losses from summer\u2019s extreme temperatures, with around $240bn [\u20ac211bn]\u00a0through to 2030 in economic output at risk, an analysis by Allianz SE, Europe\u2019s largest primary insurer estimated in a recently published heat-impact simulation<\/a>.\u00a0<\/p>\n The simulation assessed more than 40 countries around the world and is based on estimated cost of heat waves between 2014 and 2024. Allianz conclusions shed light on Europe’s limits.<\/p>\n Since the 1980s, losses from climatological hazards in Europe have risen Annual economic losses caused by weather-and climate-related extreme events in the EU Member States<\/strong><\/p>\n At temperatures above a 30\u00b0C, people’s productivity threshold, agriculture and construction sectors are the two industries particularly affected when outdoor work slows, or crops are destroyed because of the extreme temperatures.\u00a0<\/p>\n “Compared with storms or floods, extreme heat less often shows up as direct damage,” notes the report.<\/p>\n And although France topped the ranking in absolute economic losses, Italy, Spain and Germany followed close behind.<\/p>\n The report estimated that the fiscal consequences will also affect France, Italy and Spain the most, as they are economies that are the “least able to absorb them”.<\/p>\n Olive crops down 28 percent<\/p>\n \u201cA single day of extreme heat during flowering can destroy an entire harvest, even if the rest of the season is perfect,\u201d said<\/a> Italian agro-climatologist Marco Moriondo, speaking of olive crops.\u00a0<\/p>\n The Iberian Peninsula\u2019s olive oil yield could decline by up to 28 percent, another study<\/a> found. Spain is the largest producer of olive oil with the production of more than more than 50-percent of the world\u2019s olive supply.<\/p>\n Italy and Germany came next in the \u201csilent killer\u201d prediction hit-list, with estimated losses of $147bn and $131bn, respectively, while Spain rounded out the top five, with around $120bn in potential losses.<\/p>\n France, Italy, Germany and Spain have the largest adaptation investment needs, in part due to their geographic and economic size.<\/p>\n The EEA cautioned that comparisons between countries depend on methodology.\u00a0<\/p>\n “As the EEA, we would not officially endorse that Germany or France is the ‘most’ affected country,” said F\u00fcssel.<\/p>\n![\"\"\/](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/08\/89d178ab57b80017e766c0f6b42bef2a.jpg\")
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with sharp peaks in 2021-2022. That year, total losses reached around \u20ac50bn.<\/p>\n![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/08\/Screenshot-2026-07-28-at-11.15.12-AM.png\")
Source: CATDAT<\/a>, RiskLayer GmbH\/European Environmental Agency.<\/p>\n