Severe water scarcity could put as much as 24% of euro area economic output at risk, while inadequate flood protection exposes almost 12% of output and more than 60% of loans to potential damage, according to research cited by the European Central Bank. The European Commission estimates that Europe needs approximately €477 billion in additional annual investment through 2030 to meet its climate-transition objectives. Frank Elderson, a member of the ECB’s Executive Board, highlighted the financial and economic implications of climate-related disruption in a speech at the Green Swan 2026 conference in Manila on 19 October.
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