For those in Europe who still saw climate change as a problem for future generations, this summer's intense heatwaves have made clear that its expensive and life-altering economic consequences have already begun to unfold.
Record heat and droughts this summer – which scientists say are exacerbated by global warming – have wreaked havoc in power production, shipping and public health systems, while this wildfire season is on track to be Europe's biggest ever.
Together, the hit to the region's economy can already be measured in the hundreds of billions of euros, economists and academics estimate. But they warn this is just the beginning, as costs are set to rise faster than temperatures.
Climate is changing more rapidly in Europe than on any other continent and the damage is already stretching public finances, setting off wild swings in inflation, redrawing the tourism map, and forcing the bloc to rethink how power is produced and how goods are transported.
"What makes 2026 particularly worrying from an economic perspective is that there are multiple episodes of extreme events," said University of Mannheim economist Sehrish Usman.
