Extreme weather caused by climate change could cost Germany up to 900 billion euros in cumulative economic damage by mid-century, a study showed on Monday, as Europe's biggest economy seeks climate adaptation measures to cut the damages bill.
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Germany's economy and environment ministries cited the study as showing that extreme heat, drought and floods could cost between 280 billion euros ($297.81 billion) and 900 billion euros between 2022 and 2050, depending on the extent of global warming.
The costs include loss of agricultural yields, damage or destruction of buildings and infrastructure due to heavy rain and flooding, impairment of goods transportation and impact on the health system.
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Climate change extreme weather events have already cost Germany at least 145 billion euros between 2000 and 2021, 80 billion of which were in the past five years only.
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Possible damage costs could be reduced completely through climate adaptation measures such as carbon storing if climate change was only mild, the study found, adding that around 60% to 80% of costs could be spared under such measures depending on how strongly climate would change.