Bloomberg: Extreme heat costs UK economy $1.5 billion

The intense heatwave that swept across Europe in June has cost the UK economy an estimated $1.5 billion, Bloomberg reports, citing researchers.

The report said the temperatures recorded during the heatwave were the highest ever observed in Europe.

The extreme weather is also believed to have caused approximately 2,700 excess deaths across England and Wales.

According to Bloomberg, the sharp rise in temperatures led workers to reduce their working time by an average of 30 minutes during the five days beginning on June 22.

Employees engaged in physically demanding jobs, including construction and agriculture, cut their working hours even further, while 3.6% of those surveyed stopped working altogether during that period.

Scientists from the World Weather Attribution (WWA) group warned that the record-breaking summer temperatures will have lasting economic consequences.

Researchers from 12 European countries said the heat accelerates soil moisture loss through evaporation, making drought conditions 80 times more likely.

The WWA also projected that crop failures, lower water levels in navigable rivers, and disruptions to energy production, including at nuclear power plants, could contribute to higher inflation.

By Bakhtiyar Abbasov