Europe has seen record-breaking temperatures this year, which has lead to extreme drought and has affected agriculture, water and energy supply.
AccuWeather has estimated the cost of damages to be £55 billion (€65 billion) with low water levels having an effect on the energy sector.
Low water levels along portions of the Rhine and Danube rivers have disrupted commercial transportation.
According to the report, on portions of the Rhine, some cargo vessels have reduced capacity by as much as 80% due to shallow water levels. This has increased the number of trips needed to transport goods and created delays for industries that depend on river transportation.
Nuclear plants that rely on water-cooling techniques have been affected as the water temperature has risen significantly.
Europe’s agriculture businesses has suffered from wildfire damage caused by the soaring temperatures.
Drought has also affected farming as maize production in the European Union is expected to decline to 51.9 million tonnes.
In addition to the affect on business, the risk to life has also risen as tens of thousands of people are suspected to have died from this summer’s extreme weather.
Jonathan Porter, Chief Meteorologist at AccuWeather said: “Heat-related deaths can be misattributed to underlying medical conditions, especially when dangerous temperatures persist for days and place added stress on older adults, outdoor workers and people with existing health conditions.
“The true toll often becomes clearer only after health data are reviewed, particularly looking at excess deaths, which can be significantly higher than what might be initially reported.”
The current figure estimations remain preliminary as the heat and drought are ongoing. Agricultural losses and economic impacts have not been fully realised and additional impacts may emerge as extreme heat, limited rainfall, low river levels and stressed water supplies persist.
