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High temperatures also "follow" the economy. What are the main causes?

2024-07-12 12:25:32Biznes SHKRUAR NGA REDAKSIA VOX

High temperatures also "follow" the economy. What are the main causes?

The economic impact of the relentless heat wave that is scorching southern Europe, the United States and much of the Northern Hemisphere may be short-lived in most places, with tourist sites temporarily closed, outdoor dining abandoned and a increase in electricity. use in conjunction with air conditioning.

But in the long term, the economic consequences caused by climate change are likely to be profound.

Devastating fires, floods and droughts tend to dominate the headlines. Researchers have found that extreme temperatures reduce labor productivity, damage crops, increase mortality rates, disrupt global trade and reduce investment.

An analysis by researchers affiliated with the Center for Economic Policy Research found that in Europe, France, Italy, Spain, Romania and Germany have been most affected by climate-related disasters over the past 20 years. The countries of Central and Eastern Europe, however, are increasingly affected by climate problems.

Such developments put pressure on public spending, as governments are required to replace damaged infrastructure and provide subsidies and relief. The analysis notes that tax revenues may also shrink when climate change hampers economic activity.

Economic losses related to climate change are expected to increase significantly in the future, according to European Union estimates, although it is noted that in most member countries there is no mechanism to collect and assess economic costs. Analysts at Barclays estimated that the cost of each climate-related disaster has risen nearly 77% over the past half century.

Globally, losses will widen. A study published last year that sought to measure the impact of human-caused heat waves on global economic growth concluded that the cumulative loss between 1992 and 2013 amounted to between $5 trillion and $29.3 trillion globally.


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