Heatwaves and drought cost Germany €36 billion, Greenpeace says

Severe heatwaves and drought in Germany this summer have resulted in an estimated economic loss of €36 billion, according to Greenpeace. The international environmental group's assessment suggests that the losses equate to around one percent of Germany's gross domestic product. Greenpeace highlighted that the economic impacts were felt across various sectors, including the labor market, transport, health, agriculture, forestry, and education.

The organization emphasized that the extreme weather conditions placed significant strain on the economy, infrastructure, and public services. Greenpeace specifically reported that drought caused approximately €7.5 billion in losses for the forestry sector, while agriculture suffered an estimated €3.4 billion in damages. The group also pointed out that the figures do not account for the broader environmental consequences of wildfires, such as loss of biodiversity, diminished capacity of forests to safeguard drinking water sources and prevent soil erosion, and harm to their capacity to regulate the local climate.