'Exceptional' summer heatwaves in Europe hurting economy
Experts say Europe's heatwaves this summer have been "exceptional", causing riverbeds across the continent to dry up. Now the flow-on effects are being felt economically.
Across Europe, an unusual heatwave is causing rivers to dry up, severely impacting the economy. Rivers like the Rhine, Danube and Po are at record lows, threatening crucial waterways for transportation, drinking water, power generation, and tourism. Cologne's Rhine gauge sank to its lowest reading since 1816, and the water level at Kaub, a small stretch, fell to just 6 centimeters.
Experts warn that this summer's heatwaves are exceptional, and the Rhine is at breaking point, causing significant economic losses. Logistics expert Rommert Dekker says that low water levels have forced trucks to transport goods instead of barges, causing production to be reduced and costs to soar. Triodos Bank estimates the EU economy could lose €180 billion, equivalent to 1% of GDP, with France suffering the largest impact and potentially losing 1.4 percentage points of growth.
The freight sector, smaller channels, and crop irrigation are all affected, leading to reduced labour productivity and higher energy prices. Nuclear power plants are also suffering, with water levels at Hungary's Paks plant prompting restrictions, and Romania's last operating nuclear reactor forced to shut down. European tourism faces disruptions, with river cruises cancelled.
The global energy crisis and drought are expected to raise prices, and scientists urge for more resilient energy systems to combat extreme climate scenarios.
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