Catalonia estimated to lose €6bn due to heatwaves in 2029

Heatwaves will cause financial losses of €1 billion to Catalonia in the gross value added, and €6 billion in 2029, according to a study from the European Central Bank (ECB) and the University of Mannheim, in Germany.

The report points out that Spain, France, and Italy will be the most affected countries, with losses of €12 billion in the short term and up to €34 billion in 2029 due to this year's extreme weather conditions. These figures represent 0.8% and 2.4% of Spain's 2024 gross value added, respectively.

Experts believe these "estimates are quite conservative," as they do not include other dangers such as wildfires, which have been very powerful during July and August.

On the other hand, Denmark, Sweden, or Germany register fewer risks, but the report warns that the frequency and intensity of extreme events, especially floods, have increased. 

The report points out that Catalonia's impact could be 0.3% and 2.2% of the gross value added compared to 2024.