Europe risks facing €190bn climate change bill

Europe risks facing a €190 billion (£151.9m) bill as a result of climate damages from global warming, according to a new report. The EU’s Joint Research Centre, the European Commission’s […]

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By Priyanka Shrestha

Europe risks facing a €190 billion (£151.9m) bill as a result of climate damages from global warming, according to a new report.

The EU’s Joint Research Centre, the European Commission’s in-house science service, has predicted a net welfare loss of 1.8% of current EU GDP if no action is taken and global temperature rises by 3.5°C.

It analysed the impacts of climate change in nine different sectors, including agriculture, tourism, energy, droughts and transport infrastructure.

The cost of river flood damages could exceed €10 billion (£8bn) and 8,000 km2 of forest could burn in southern Europe, the report found.

Southern Europe and central southern Europe would bear 70% of the losses while northern Europe would account for 1% and the UK and Ireland 5%, it states.

Connie Hedegaard, European Commissioner for Climate Action said: “No action is clearly the most expensive solution of all. Why pay for the damages when we can invest in reducing our climate impacts and becoming a competitive low carbon economy?”

The assessments are based on scenarios where the climate expected by the end of the century (2080s) occurs in the current population.