Heat Waves Could Cost the EU 1% of GDP, Dutch Bank Says

This year’s heat waves and related productivity declines and lower agricultural output could erase as much as 1% of the gross domestic product of the European Union, wiping out most of the EU’s economic growth expected for 2026, according to Dutch bank Triodos. The bank and wealth manager, which focuses on financing environmentally and socially sustainable projects, expects labor productivity losses due to the extreme heat waves to reduce the European Union’s GDP by some 0.6% this year. Agricultural output alone is expected to…