The heatwaves that struck Europe during the summer of 2026 resulted in a total economic cost of €113 billion, according to a recent study by insurer Allianz published on September 26, 2026.
This amount represents approximately 0.46% of the combined gross domestic product of the 30 affected European countries. Italy was the country that suffered the heaviest losses, followed by Germany and France.
Allianz explains that these costs mainly stem from a reduction in economic output due to extreme heat, without necessarily causing visible damage to buildings or equipment.