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Lagarde: Heatwaves and droughts cut regional economic output

Original: Cristina Lagarde, ECB President, on climate resilience: “On average, economic activity in affected regions is 1.5% lower

ECB President Christine Lagarde said economic activity in regions hit by extreme weather falls measurably over time: on average 1.5% lower two years after a heatwave and 3% lower four years after a drought, driven partly by lower productivity and people relocating. She linked the findings to climate resilience concerns, noting the impact of an arid summer on European regions, drawing attention in policy and finance circles.

Why now: Central bank leadership quantifying climate damage to the economy is unusual and relevant to EU policy debates

Christine LagardeEuropean Central BankEU

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• Cristina Lagarde, ECB President, on climate resilience: “On average, economic activity in affected regions is 1.5% lower two years after a heatwave, and 3% lower four years after a drought, driven in part by lower productivity and people relocating. The arid summer [has] also… · Akshay@eupolicy.social · 9

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