Extreme heat can cost Italy over $13 billion a year

Italian Business Association Confessercenti warned Saturday that extreme heat can cost the Italian economy between 6 billion euros (7 billion euros) and 12 billion euros (13.8 billion dollars) annually, equivalent to 0.2% to 0.4% of gross domestic product (PBB).

The group said more and more frequent periods of intense heat are increasing energy costs, reducing productivity, forcing businesses to make additional investments and lowering their turnovers in the more high-exposed sectors, Italian news agency ANSA reported.

Living with 30 to 60 days of intense heat each year could burden the Italian economy by between 6 billion and 12 billion euros”, Confesercent said.

The assessment includes the combined impact of higher energy consumption, lower labour productivity, mandatory investments to adapt to rising temperatures and weaker consumer spending.