Climate events cost EU €26b annually – ECA report

The European Union (EU) has averaged €26 billion in annual economic losses from extreme climate-related events over the past decade, the European Court of Auditors (ECA) said in its report.

Without action, global warming of 1.5 to 3°C above pre-industrial levels could cost the EU economy between €42 and €175 billion annually, according to the report.

An audit by the European Court of Auditors (ECA) found that while the EU has a solid framework for climate resilience, there are significant issues in policy implementation.

National adaptation policies in France, Estonia, Austria, and Poland align with EU strategy but often rely on outdated data and underestimate adaptation costs.

Local adaptation efforts face challenges, with many municipalities unaware of EU climate tools. Some projects risk maladaptation, such as promoting water-intensive crops or short-term solutions like sand beach refilling.

Funding for adaptation is complex, sourced from various EU funds, making tracking difficult. The ECA calls for improved reporting to better evaluate progress and ensure effective climate adaptation across member states.