BRUSSELS — Climate change is already costing Europe dearly.
This summer’s droughts, heat waves and floods will cost the European Union an estimated €43 billion this year, knocking nearly half a percentage point off the region’s economic output, according to a study published Monday.
The same study estimated that the cumulative damage to the European economy will reach about €126 billion by 2029.
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“These estimates are likely conservative,” said the authors of the study, Sehrish Usman of the University of Mannheim, and Miles Parker and Mathilde Vallat, economists at the European Central Bank.
