File: People swarm a public beach amid a heatwave in Valencia. Spain was hit by more wildfires as temperatures remained sky-high in the Europe-wide heatwave, authorities said, just as firefighters finally managed to contain another blaze they had been tackling for nearly 72 hours. Image Credit: AFP

Brussels/  Abu Dbhabi: The 30-year moving average of climate-related economic losses showed a clear trend, increasing nearly 2 per cent annually over the last decade, according to estimates by the European Environmental Agency (EEA), republished by Eurostat.

Climate change drives extreme weather and climate-related events, which in turn lead to economic losses. Such events —  including heat waves, floods and storms — have caused over €145 billion (about $143 billion) in economic losses in the EU over the past decade.

In 2020, the total climate-related economic losses were €12 billion. The highest total loss was recorded in 2017 (€27.9 billion)  — more than double that in 2020, as a result of the heatwaves registered in Europe that dried the land and caused wildfire conditions.

The lowest total loss was observed in 2012 (€3.7 billion).

In 2020, climate-related economic losses stood at €27 per EU inhabitant. The Member State with the highest loss per inhabitant (almost three times higher than the EU average) was Greece (€91 per inhabitant), followed by France (€62) and Ireland (€42). The lowest losses per inhabitant were registered in Bulgaria (€0.7 per inhabitant), Slovenia and Slovakia (both €4).