Brussels orders to shield EU economies against extreme climate phenomena

The European Commission has introduced a legislative initiative aimed at enhancing climate resilience across EU member states following severe climate impacts this summer. The initiative seeks to shift governance towards proactive climate adaptation, addressing the significant economic losses and fatalities attributed to extreme weather events. It emphasizes the need for a unified approach to risk management and preparedness, urging member states to identify responsible parties for climate risk management. The proposal highlights the necessity for substantial investments in infrastructure adaptation, estimating annual costs of around €70 billion, while stressing that current insurance coverage for climate-exposed assets is insufficient. The Commission warns that without adequate preparation, the economic impact of climate change could reach up to 7% of GDP in some countries.