The New York Times, in its issue published today, Wednesday, highlighted the economic cost of heatwaves that envelop the planet in a mass of fire. This discussion started with the initial measures taken by some countries to adjust work hours and protect workers from heat strokes. The newspaper illustrates the high economic price of waves resulting from climate change due to human negligence towards the planet and pollution, beginning with reduced worker productivity, crop damage, increased mortality rates, trade disruption, and decreased investment.
It clarifies that researchers have linked extreme temperatures to negative economic impacts, including lower labor productivity. It noted: "The economic impact of the severe heatwave currently affecting Southern Europe, the United States, and a large part of the Northern Hemisphere may be short-term in most areas, with the temporary closure of tourist sites, a shift away from outdoor dining, increased electricity usage, and reliance on air conditioning. However, in the long run, the economic repercussions of climate change are expected to be profound."
While devastating fire and flood and drought headlines dominate the news, other insidious effects may generate less interest but still have a negative impact: "Researchers found that extreme temperatures disrupt global trade and discourage investment." In another analysis conducted by researchers associated with the Economic Policy Research Center, the newspaper reveals that "Europe, including France, Italy, Spain, Romania, and Germany, has been most affected by climate-related disasters over the past two decades. However, Central and Eastern European countries have increasingly faced climate-related challenges."
The newspaper concludes: "Such developments have placed additional pressures on public spending, as governments are asked to replace damaged infrastructure and provide subsidies and relief. The analysis indicates that tax revenues may also shrink when climate changes disrupt economic activity."
