Rome, 3 Aug. (LaPresse) – According to an analysis by the Financial Times, the wildfires and heatwaves currently affecting France, Spain and other parts of Europe have already caused damage amounting to over €3 billion this year, highlighting the growing impact of wildfires caused by climate change. In the first two months of the fire season, nearly half a million hectares have gone up in smoke, with an economic cost of €3.1 billion for the five hardest-hit eurozone countries alone, including Portugal, Greece and Romania. This figure far exceeds the European Commission’s estimates, which predict an average annual impact of €2.5 billion for the EU as a whole. The Financial Times’ estimates are based on the methodology used by the Commission and on calculations by the French government, and represent the so-called ‘restoration’ cost of returning burnt areas to their previous state – a way of quantifying their economic value. The average cost per hectare for reforestation and maintenance varies from country to country, depending on the type of land cover and the age of the forest. Insurers, households and businesses are still calculating the costs of damage to property and crops, as well as the disruption to tourism at the height of the summer season.
Wildfires: FT reports damage in Europe has already exceeded €3 billion
Rome, 3 Aug. (LaPresse) – According to an analysis by the Financial Times, the wildfires and heatwaves currently affecting France, Spain and other parts of Europe have already caused damage amounting to over €3 billion this year, highlighting the growing impact of wildfires caused by climate change. In the first two months of the fire season, nearly half a million hectares have gone up in smoke, with an economic cost of €3.1 billion for the five hardest-hit eurozone countries alone, including Portugal, Greece and Romania. This figure far exceeds the European Commission’s estimates, which predict an average annual impact of €2.5 billion for the EU as a whole. The Financial Times’ estimates are based on the methodology used by the Commission and on calculations by the French government, and represent the so-called ‘restoration’ cost of returning burnt areas to their previous state – a way of quantifying their economic value. The average cost per hectare for reforestation and maintenance varies from country to country, depending on the type of land cover and the age of the forest. Insurers, households and businesses are still calculating the costs of damage to property and crops, as well as the disruption to tourism at the height of the summer season.
