Heat Reduces Europe's Economic Performance by 113 Billion Euros
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Insights by Echo AI
Allianz reports that the summer heatwave has reduced Europe's economic performance by 113 billion euros. Italy and Germany are the most affected, with estimated losses of 28 and 25 billion euros respectively. France follows with a 20 billion euro reduction. The losses include decreased economic output due to lower productivity, longer breaks, and absenteeism. Storms, floods, and other natural disasters in Germany over the past five years have caused 50 billion euros in damages.
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