Around three percent of all such events were responsible for 60 percent of the losses according to the EEF Briefing, 'Economic losses and fatalities from weather- and climate-related events in Europe', which together with an updated EEA indicator assesses data on economic losses due to extreme weather- and climate-related events.

 While it is generally agreed that global economic losses increased over the last half century, (studies of the World Meteorological Organisation), the available data do not show in a clear trend of losses for Europe over the last four decades.  The assessment covers the period from 1980-2020 and 32 EEA member countries (including all 27 EU Member States, plus Norway, Switzerland, Turkey, Iceland and Liechtenstein).

The aim of the EEA briefing and indicator is to provide more data-based information about the impact of extreme weather events and climate-related hazards like heatwaves, heavy precipitation and droughts and the increased risk they pose to assets and infrastructure and to human health. These events, which are expected to increase due to climate change, are already causing substantial economic losses.

Monitoring the impact of such events is important to inform policy makers so that they can improve climate change adaptation and disaster risk reduction measures to minimise damage and loss of human life.

The EU’s adaptation strategy aims to build resilience and ensure that Europe is better prepared to manage the risks and adapt to the impacts of climate change. Closing the climate protection gap by increasing insurance coverage can be one of the key financial risk management tools to increase societies’ ability to recover from disasters, reduce vulnerability and promote resilience. EU Member States are also responding by putting in place national adaptation policies, including national, regional and sectoral climate risk assessments.

Europe is facing economic losses and fatalities from weather and climate extremes every year and in all regions of Europe. The economic impact of these events varies considerably across countries, the EEA assessment found.

For  EEA member countries, total economic losses from weather- and climate-related events amounted to between EUR450 and EUR520 billion (in 2020 euros), for the 1980-2020 period.

The assessment also found that the overwhelming amount of the fatalities — more than 85 percent  in the 40-year period — was due to heatwaves. The heatwave of 2003 caused most fatalities, representing between 50 and 75 percent of all fatalities from weather and climate-related events over the last four decades, according to the data. Similar heatwaves after 2003 caused a significant lower amount of fatalities, as adaptation measures were taken in different countries and by different actors.