Europe sustains heavy losses amid worst drought in 500 years

2022-08-29 11:39:40 GMT (Economies.com)
Europe sustains heavy losses amid worst drought in 500 years

A sudden climate change caused a steep decline on rainfall, leading to extreme heat waves and drought in many river beds, with Europe facing the worst such drought in 500 years. 

 

The continent is undergoing record heat, which led to evaporation of its rivers, and nearly $80 billion of the economy as many ships are hampered from river transport.

 

The famous Rhine river is now impassable to ships due to low water levels, with similar results in major rivers in France and Italy, hurting crops. 

 

Drought Causes

 

Europe is facing severe drought and lack of rainfall and extreme heat waves.

 

The climate crisis, exacerbated by human carbon emission, is impacting the entire world and threatening water supplies and crop yields. 

 

The heat wave is spreading to the US and China, with the UN warning such a wave will be more extended and intensive that a similar one in 2002.

 

Hefty losses

 

Analysts warn that grain production in Europe will tumble by 9% due to the drought, and the drop in river water levels will hamper trade.

 

Such complications come on top of other challenges such as the Ukrainian crisis and the natural gas shortages. 

 

Importance of Rivers to Europe

 

River transport of goods represents an $80 billion industry in the euro zone, which could be lost this year if trade routes through river were forced to stop.

 

Such a development already led to a 30% spike in shipping costs through other methods on land and air to compensate. 

 

Spreading Drought

 

The drought is spreading all over Europe with scientists predicting two thirds of Europe to fall under severe drought. 

 

It's expected that 15% of Europe will face extreme water deficiencies, which will impact food, energy, and drinking water heavily. 

 
 
 
  Symbol Last Change Chg.%
0.9802
0.0147
1.5193%
1.1165
0.0345
3.1856%
19.049
0.190
1.008%
80.050
0.756
0.953%
87.96
-0.53
0.60%
1664.495
19.135
1.163%
 
 
US
 
Europe
 
Asia