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River floods and inundations are the most costly extreme weather events in Germany. (Image: Westnetz)
Berlin (energate) - Climate change could cause economic damage of up to 900 billion euros in Germany by 2050. This is the conclusion of a study commissioned by the Federal Ministry of Economics. According to the study, researchers expect economic damage of between 280 and 900 billion euros by the middle of the century, depending on the extent of global warming. In addition to the financial damage, there would also be numerous health problems, deaths from heat and flooding, stress on ecosystems, loss of biodiversity and a reduction in the quality of life.
For the study, the Institute for Ecological Economy Research (IÖW), Prognos and the Gesellschaft für Wirtschaftliche Strukturforschung (GWS) examined the economic consequential costs and intangible damages of climate change-related extreme weather events. According to the study, the consequences of the climate crisis will cost Germany at least 145 billion euros between 2000 and 2021 - 80 billion euros of which will be incurred since 2018 alone. The damage caused by the Ahr valley flood in 2021 is estimated to be at least 40 billion euros. This would make it the costliest extreme weather event in German history. According to the study, damage of this magnitude could occur more and more frequently and, in purely mathematical terms, almost every year by the middle of the century.
Climate adaptation can reduce damage
"Climate change already has serious economic consequences that could grow massively," said Stefan Wenzel, parliamentary state secretary at the economics ministry. He said that every euro invested in climate protection reduces the economic costs. The study shows that, depending on the severity of the climate crisis, investing in adaptation measures can reduce some or all of the costs of damage. In particular, nature-based solutions, such as storing carbon in vegetation and soil by preserving forests or peatlands, could both reduce greenhouse gases and mitigate the effects of climate change, according to the study. /ck
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