Germany’s economy could lose more than $23 billion a year if the country experiences severe heatwaves on a regular basis, according to a new study published on Thursday.
Economic research firm Prognos calculated that each day with temperatures above 35°C (95°F) could cost the EU’s largest economy nearly $1.15 billion.
The analysis, prepared for the German business daily Handelsblatt, estimated that the heatwave during the final two weeks of June alone cost Germany’s economy about $7.25 billion.
Prognos said Germany could face three or four heatwaves of similar intensity each year in the future, pushing annual economic losses above $23 billion.
