Europe, the fastest warming continent, will suffer from already overwhelming climate disasters to a greater extent in the coming years. That is why the European Union needs to Stepping on the accelerator on climate resilience with an investment of between 34 and 110 euros per person per year.
This is the main conclusion of Three reports published this Wednesday by the World Bank and the European Commissionwhich reveal that prevention and adaptation reduce the cost of economic damage caused by natural disasters, which in 2023 amounted to €77 billion across the EU, which is more than the GDP of Slovenia or the stock market capitalisation of Iberdrola.
Los adaptation costs of the European Union until the 2030s would fluctuate between 15 and 64 billion euross, that is, between 0.1 and 0.4% of the gross domestic product of the community bloc, while inaction could subtract up to 7% of GDP.
The studies – one focused on adaptation and two on financing – found that “The next twenty years of climate change are already guaranteed” due to CO2 already issued and stress that “early action is needed to prepare for the possible major changes that will follow.”
“There is still time for European countries to take measures to protect people’s lives”
“There is still time for European countries to take measures to protect people’s lives, infrastructure and public finance from the impacts of disasters and climate change, “although the window of opportunity (…) is narrowing,” said the World Bank’s director for Sustainability in Europe and Central Asia in a statement, Sameh Wahba.
Investing is cheap
However, Investments in adaptation can be cheap and offer economic returnssuch as awareness-raising: every euro invested in early warnings of heat waves returns 131 euros of benefit, they say. Even in infrastructures with high capital costs, such as energy, transport, water and sanitation, strengthening critical assets would cost only 3% of total infrastructure investment needs, the World Bank and the European Commission argue.
Despite everything, There is little knowledge about the costs of climate adaptation and this field needs to be further explored because technical limitations and lack of information inhibit decision-making and investment, the authors stress.
Critical assets for climate resilience
Experts also point out that many assets in critical sectors such as emergency services, schools, hospitals, roads and power lines They are exposed to floods, forest fires, earthquakes and landslides and should be protected.
More than 80% of the roads are in areas of high susceptibility to landslides in Spain, Ireland, Slovenia, Portugal, Austria and Greece, a risk that also affects at least 70% of power lines in Greece, Slovenia, Spain and Bulgaria, these reports highlight.
Quantifying the damage
The latest paper complements an earlier study that estimated earthquakes and floods could cost the EU between €13 and €50 billion a year, depending on the magnitude of the events. This new edition focuses on forest fire and drought hazards and financing mechanisms, concluding that “more needs to be done to incentivise the transfer of resources.” risk to the private sector.”
Drought and extreme heat have economic impacts that include declines in labor productivity or disruptions in water-dependent industries, but economic calculations typically only account for hospital admissions or excess mortality. “Losses from forest fires range from 16 million to 717 million euros (…) while the drought showed a constant funding gap between 13 million and up to 323 million euros,” they point out.
The data refers to the financial shortfall, not the total damage, which in the case of forest fires in Spain alone in 2023 reached 913 million euros.
Las Estimated figures for drought and extreme heat are clearly lower like earthquakes and floods, but the danger lies in the simultaneity of events.
“If a drought or forest fire occurs In a year in which a major earthquake or flood has already occurred, there may not be funds available at EU level to respond,” the authors of the reports conclude.
Source: www.lainformacion.com
