[InTime News]
Recurrent heat waves could cost the Greek economy up to €13 billion from now to 2030, Allianz Trade warns in a report.
It says the extreme heat could affect worker productivity as well as energy costs and investment, reducing economic output by up to 4.1%.
The reduction in investment would reach 8% overall, the reduction in consumption would reach 4%, while inflation would increase by 2.5% and unemployment would increase by 1%.
“Heat waves are no longer a short-term weather phenomenon, but a structural economic shock,” it stresses, with the fiscal effects being greater in the economies less capable to absorb them.
