Allianz Warns Recurring Heat Waves Could Cost Greece €13 Billion and 4% of Economic Output by 2030

Recurring heat waves could cost the Greek economy up to €13 billion and reduce economic output by 4.1 percent between now and 2030, Allianz Trade has warned in a report, projecting that investment could fall by 8 percent, consumption by 4 percent, inflation could rise by 2.5 percent and unemployment by 1 percent. The insurer said the effects would stem primarily from reduced worker productivity and higher energy costs.  "Heat waves are no longer a short-term weather phenomenon, but a structur...

By ANTHEE CARASSAVA