The Bank of Greece governor estimates that climate change causes an average annual loss of €28.3 billion for European agricultural production.

The governor of the Bank of Greece reports that climate change is causing an average annual loss of €28.3 billion for the European Union, representing approximately 6% of annual crop and livestock production. Droughts account for half of these climate-related agricultural losses. The shifting climate is significantly altering consumer habits and market demands across the eurozone. In Greece, rising temperatures have made air-conditioning a household necessity, with electricity used for cooling doubling between 2018 and 2024. High temperatures have also forced consumers to pivot to cheaper alternatives, such as seed oil, as olive oil prices rose due to reduced yields. Beyond food prices, the climate crisis is impacting the apparel market, where retailers are shifting toward sustainable fabrics and "mid-season clothing" to account for warmer winters. Furthermore, the European Commission’s Joint Research Center projects a 1.6% decline in European labor productivity by 2080 due to heat stress on agricultural workers, with Greece expected to see a decline of up to 5.4%.

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