Extreme weather will cut the Spanish economy by 2.4% by 2029

Extreme weather events are projected to reduce Spain's economy by 2.4% by 2029, necessitating annual investments of €7 billion for mitigation. Recent torrential rains and flooding have caused significant destruction, with a notable incident resulting in seven deaths and extensive evacuations. Economic losses from extreme weather are expected to rise from €12.2 billion to €34.8 billion by 2029. The impact is particularly severe in southern Europe, with heatwaves and wildfires exacerbating the situation. The EU estimates that €70 billion annually is needed for adaptation efforts, with Spain's share being nearly €7 billion. A study highlights the need for reliable data to inform public policies on climate resilience.