The European Union is not sufficiently prepared for the increasingly severe impact of climate change and urgently needs to increase its investments to protect the population and infrastructure.
The warning comes from an analysis cited by Reuters and comes at a time when extreme weather events are becoming more frequent, and economic costs are rising rapidly.
Europe, the continent warming most rapidly
According to the World Meteorological Organization, Europe is the continent warming most rapidly globally. The effects are already visible in the economy and the safety of the population. Official data from the European Union show that annual damages to infrastructure and buildings from extreme weather events have reached around 45 billion euros – five times more than in the 1980s.
Adaptation, far behind promises
The European scientific advisory council on climate change argues that measures to adapt to the already felt effects of climate change remain insufficient.
Although Brussels has set ambitious targets for reducing greenhouse gas emissions, investments in protecting infrastructure, agriculture, and vulnerable communities are not keeping pace with the climate reality.
The Council President warns that, without solid measures, extreme weather events will affect the EU's competitiveness, put additional pressure on public budgets, and amplify security risks.
European level warning systems and insurances
Among the proposed solutions are massive investments in public early warning systems and expanding insurance coverage. Advisers even recommend exploring the possibility of a European-level reinsurance mechanism to reduce the financial pressure on states affected by major disasters.
Slovenia's lesson: reconstruction equivalent to 11% of GDP
The warnings come after a series of recent disasters – floods, wildfires, and extreme heat waves.
An example is Slovenia, where the floods in 2023 generated reconstruction costs equivalent to 11% of the country's GDP.
In this context, the European Commission is set to present a new climate change strategy later this year, which should include concrete adaptation measures and additional funding.