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Heatwaves disrupt freight and force nuclear outages across Europe
Economists at Triodos estimate the heatwaves could wipe out as much as €180 billion of EU GDP, with France facing an estimated 1.4 percentage point hit from lost nuclear output.
Low river levels and extreme heat have started to show measurable economic damage across mainland Europe, from stalled freight traffic in Germany to nuclear power outages in France and productivity challenges as workers struggle in high temperatures, the Guardian reports. According to analysis from economists at the Dutch bank Triodos, unusually hot conditions could remove up to €180 billion from EU gross domestic product, while a UK green thinktank, Verdant, said the heat had already cost the UK economy £4.4 billion by the end of July. In France, the article highlights the link between heat and energy generation, noting that more than two-thirds of the country’s electricity comes from nuclear power and that nuclear plants must shut down when river temperatures become too high to discharge heat. The report says France expected up to 15% of its nuclear estate to be offline, after the Chooz plant was shut down as the Meuse River level dropped. The Guardian also points to downstream effects, including higher energy prices for businesses and broader fiscal strain, saying Triodos estimates France could be one of the worst hit economies, with GDP knocked down by 1.4 percentage points and potentially worsening the country’s already difficult borrowing and budget situation.