(MENAFN- Kuwait News Agency (KUNA)) VIENNA, July 8 (KUNA) -- Heatwaves, storms, heavy rain, and hail continue to cause a mayhem as well as an economic fallout across Europe including Austria, data shows.
According to preliminary analysis by the research department of Allianz Insurance, agricultural damage by the end of June reached nearly EUR 5.9 million, with EUR 4.8 million recorded in Upper Austria alone.
Crops such as grains, corn, soybeans, vegetables, and fruits have been affected, along with damage to greenhouses.
Meanwhile, southern regions like Carinthia are experiencing extreme drought, forcing farmers to dip into winter fodder reserves during summer, which is a troubling sign of worsening agricultural.
Allianz research indicates that just one year of extreme heat could slash Europe's GDP by up to 0.5 percent.
Southern nations are particularly vulnerable, with potential GDP drops of -1.4 percent in Spain, -1.2 percent in Italy, -1.1 percent in Greece, and -1.0 percent in China, the US is also expected to see a 0.6 percent decline.
Insurance experts are warning that climate change will likely reshape coverage policies, potentially halting coverage in high-risk areas prone to floods or wildfires, building design is also expected to shift, with a growing emphasis on cooling rather than heating, especially in urban centers.
Experts predict global productivity losses from heatwaves could reach USD 2.4 trillion annually by 2035, underscoring the urgent need for new strategies in disaster response, resilient urban planning, and reforms in labor and production policies. (end)
amg

MENAFN08072025000071011013ID1109773264