Stiell Warns of Looming Economic Crisis as Extreme Weather Costs Reach €180 Billion
UN Climate Chief Simon Stiell warned the European Parliament on Thursday that Europe's economic losses from extreme weather are mounting, with estimated costs at €180 billion. This figure, attributed to a Triodos Bank analysis, is equivalent to roughly 1% of EU GDP and effectively erases an entire year's expected economic expansion.
The summer heatwaves across Europe caused deaths, damaged infrastructure and power stations, triggered mass evacuations, and disrupted trade routes. Stiell linked the continent's economic vulnerability directly to its continued fossil fuel dependency, warning that another winter fuel crisis looms for European households and businesses due to spiralling electricity prices and potential inflation.
The UN climate chief also emphasized the global implications of the crisis, noting that climate disruption is increasingly fuelling forced migration within and across borders. He called on EU member states to focus on implementing existing commitments rather than reopening previous agreements at COP31 in Türkiye, which prioritizes methane reduction, food security, and urban resilience.