The report comes out during discussions on how Berlin can reduce greenhouse gas emissions in challenging areas such as transport.
Germany, Europe’s largest economy, could suffer a cumulative economic loss of up to €900 billion ($960 billion) by mid-century, new research shows.
An analysis by economic research firm Prognos, the Institute for Economic Structures and the Institute for Ecological Economy was released on Monday, with Berlin working on a climate adaptation strategy to be presented soon by the environment ministry.
The German economy and environment ministry estimates that between 2022 and 2050, extreme heat, drought and flooding could cost between €280 billion ($300 billion) and €900 billion, depending on the extent of global warming. I cited this study as showing that I could suffer.
Costs include reduced farm yields, damage or destruction of buildings and infrastructure due to heavy rains and floods, disruption of goods transport, and impacts on health care systems.
Scenarios are not accurate projections because some impacts of climate change, such as reduced quality of life, are difficult to quantify economically.
“The costs of climate change are likely to be much higher than those determined by the modeled scenarios,” the study said.
Climate change and extreme weather will cost Germany at least €145 billion ($155 billion) between 2000 and 2021. €80 billion ($85 billion) of this has occurred in the last five years alone, including the 2021 Rhineland floods. Palatinate and North Rhine-Westphalia, according to the economy ministry.
We found that the cost of expected damage could be completely reduced by climate adaptation measures such as carbon dioxide storage if climate change were moderate, with such measures reducing costs by about 60% to 80%. I added that % can be prevented. The climate changes a lot.
The report does not say how much climate adaptation measures will cost federal and state governments.
Environmentalists say Germany’s climate change policy is on the backburner as Europe grapples with an energy crisis partly driven by Russia’s invasion of Ukraine.
Many European countries, including Germany, have been forced by the crisis to return to dirtier fuels such as coal.