European wildfire costs this year have already surpassed €3bn

European countries have suffered economic losses exceeding €3 billion as a result of forest fires and extreme heat, according to a Financial Times analysis based on its own assessment.

According to the newspaper’s estimate, nearly 0.5 million hectares burned during the first two months of the fire season, causing €3.1 billion in damage to the five most affected eurozone countries alone.

The newspaper also notes that the true scale of the economic losses is not yet fully clear, as assessments of damage to real estate, agriculture and tourism are still ongoing.