Brussels: New reports from the World Bank and European Commission reveal that Europe, the fastest-warming continent, urgently needs increased investment in disaster resilience and climate change adaptation. The reports estimate that annual adaptation costs for the EU could reach up to €64 billion by the 2030s.
Last year’s record-breaking temperatures resulted in over €77 billion in disaster-related losses across Europe. Without action, projected costs could reach 7% of EU GDP. The reports highlight that while European countries are taking steps to enhance resilience, more comprehensive efforts are needed. Many critical sectors, including emergency services, are exposed to multiple natural hazards, impacting response times and effectiveness.
The World Bank and European Commission urge immediate investment in prevention and preparedness measures, prioritizing those with the highest resilience returns. “Investments in prevention and preparedness are urgently needed at all levels,” emphasized Hanna Jahns, Director at the European Commission Humanitarian Aid & Civil Protection.
Scaling up adaptation investments requires better data on current and future costs. Countries can develop climate “adaptation pathways” – decision-making approaches that combine risk data to inform strategies. The report provides cost estimates at national and EU levels to aid in effective planning and budgeting.
“There is a significant gap in adaptation financing in Europe,” noted Elina Bardram, Director at the Directorate-General for Climate Action. “Closing it requires a major scale-up of public, private, and blended finance.” The reports stress the need for investment planning and financial strategies to be informed by a clear understanding of the economic impact of climate change adaptation.
AWARENESS | Side effects of medicines? Here are some tips to identify it
