Europe needs smart investments to strengthen disaster resilience, adapt to and finance response to disasters and climate risks, according to new reports on the economics of disaster prevention and preparedness, published today by the World Bank and the European Commission.

Europe is warming faster than any other continent and is highly vulnerable to the increasing risks associated with climate change. Over the past decades, Europe has experienced staggering – and growing – loss and destruction from climate-related disasters. 2023 was the warmest year on record, with disasters across Europe costing more than €77 billion. The projected costs of inaction in a high-warming scenario could reach 7 percent of EU GDP. (More on worldbank.org)