Core Viewpoint - Europe is experiencing unprecedented heat waves, with temperatures reaching historical highs, significantly impacting the economy and agriculture [3][4][5]. Economic Impact - The economic losses from heat waves in Europe are projected to increase fivefold by 2060, with GDP losses potentially reaching -1.1% annually during peak years [6][7]. - In the past extreme heat years (2003, 2010, 2015, and 2018), the estimated GDP loss due to heat waves ranged from 0.3% to 0.5%, with some vulnerable regions experiencing losses exceeding 1% [6][7]. - Southern European countries, particularly Portugal, Spain, and Croatia, are expected to face the most significant economic losses from heat waves, while Northern and Central European countries will be less affected [6][7]. Agricultural and Environmental Concerns - The heat waves are exacerbated by drought conditions, which have led to significant agricultural impacts, including reduced crop yields and increased food prices [8][9]. - Spain's water reserves are critically low, with levels approximately 15% below average, raising concerns about wildfires and agricultural production [8][9]. - The olive oil production in Spain has been severely affected, leading to the highest global prices in 26 years due to extreme heat and lack of rainfall [8]. Climate Change Context - The current heat waves are unprecedented for this time of year, with temperatures exceeding historical averages by 20°C in some areas [5][6]. - Climate scientists indicate that the warming in Europe is occurring at a rate three to four times faster than in other mid-latitude regions, contributing to the severity of heat waves [10][11].