EU’s extreme climate events cost pound 26 billion annually over past decade

European Court of Auditors (ECA) has said that economic losses from extreme climate-related events in the European Union have averaged pound 26 billion per year over the last decade. In its report, the Court said that exposing today's EU economy to global warming of 1.5 to 3°C above pre-industrial levels - a conservative estimate - would result in an annual economic loss of between pound 42 and pound 175 billion. 'We looked at how the EU is addressing the urgent need to adapt to recurring extreme climate conditions' said Klaus-Heiner Lehne, the ECA Member responsible for the audit. 'We found issues in the way policies are implemented on the ground. If the implementation of EU action does not improve, there is a risk that EU adaptation ambitions may not keep pace with climate change.' The auditors examined national adaptation policies in France, Estonia, Austria and Poland, and found them generally consistent with EU strategy. However, the auditors also found cases of outdated scientific data in national ad aptation-strategy documents, and either underestimates or omissions of the cost of adaptation measures. Although the EU considers 'the local level to be the bedrock of adaptation', the auditors surveyed 400 municipalities in the audited member states and found that respondents were largely unaware of climate adaptation strategies and plans, and were not using the EU's climate adaptation tools (Climate-ADAPT, Copernicus and the EU Covenant of Mayors). Over half of the audited projects addressed climate risks effectively, and the auditors also identified some good practices. However, they also came across cases of conflicting priorities where climate adaptation objectives had to coexist with other objectives, such as competitiveness or regional development. Source: Emirates News Agency