For anyone in Europe who still thought climate change was a problem for future generations, this summer’s sweltering heatwaves have brought home the reality that its costly and life-altering economic impacts have already arrived.

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.

The intense heatwaves sweeping across Europe this summer are leaving deep economic scars. With soaring temperatures and severe drought hampering agriculture and power generation,…