Report: Summer heatwaves are expected to cause estimated losses of about EUR 25 billion in Germany

The research report released by Allianz Group of Germany on the 24th shows that this summer's heatwave is expected to cause about 25 billion euros in economic losses for Germany. According to the report, due to a lack of air conditioning and other cooling equipment, high temperatures have led to longer employee breaks and increased absenteeism, resulting in a decrease in Germany's productivity. Affected by the heatwave, Germany's economic growth rate this year has dropped by about 0.54 percentage points, with the losses accounting for approximately 0.53% of its annual gross domestic product. The report also indicates that, under the impact of this summer's high temperatures, 30 European countries have suffered combined losses of around 113 billion euros, equivalent to 0.46% of these countries' total annual GDP, with Italy, Germany, and France being the hardest hit. (Xinhua News Agency)