Greenpeace: Heatwave Consequences Cost German Economy 36 Billion Euros

Germany's economy has suffered an estimated 36 billion euros in damages due to extreme heat and weeks of drought, environmental group Greenpeace reported. This substantial loss equates to 0.8 to 0.9 percent of the nation's economic output. The environmental organization calculated economic damages stemming from crop failures, wildfires, increased health costs, and productivity losses. Greenpeace's financial expert, Mauricio Vargas, described the summer as a "catastrophe" for both people and the economy, emphasizing that the scale of the damage is "shocking" despite the absence of widespread physical destruction. Vargas called on the German government to respond to the climate crisis with the "utmost seriousness" during its cabinet retreat. "The numbers are unmistakable: we simply cannot afford to continue as we have been," he stated. Greenpeace acknowledged that their calculations are estimates and involve certain uncertainties due to incomplete information, but stressed that not accounting for these damages would significantly underestimate the crisis. The report highlights that sectors reliant on raw materials, such as chemicals, steel, and mineral oil, have been particularly affected. Tens of millions of working hours are estimated to have been lost due to the heat. Greenpeace identified heat-related productivity losses and failures as the largest cost, estimated at 10.8 billion euros, followed by forest damage (5 to 7.5 billion euros) and health-related economic losses (6.9 billion euros). Greenpeace also pointed out that many severe consequences, such as impacts on the energy system from a lack of cooling water or increased ozone and fine dust pollution, were not included in the current calculations. Vargas asserted that "the true costs of extreme weather events like this heat summer are far beyond our calculations," urging for investments in ambitious climate protection measures.

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This heat and drought summer was a catastrophe - for millions of people and for the national economy.