Four consecutive heat waves in the summer of 2026 have caused at least 35,000 heat-related excess deaths across Europe and could reduce the European Union’s full-year GDP by up to €180 billion, or about $208 billion. Oxford Economics economist Tomas Dvorak estimates the heat could add 1 to 2 percentage points to eurozone food inflation and reduce third-quarter GDP growth by about 0.2 percentage points, while Triodos projects combined heat and drought losses of roughly 1% of EU GDP. Germany, France and Spain account for more than 25,000 excess deaths in available monitoring data. Agriculture has also suffered, with EU summer-crop forecasts as much as 14% below the five-year average, while low water levels on the Rhine, Loire, Danube and Po have disrupted industrial and grain transport. France faces up to €15 billion in heat, drought and wildfire costs, including damage to its pine industry. Extreme weather is also reducing labor productivity and adding to economic losses in South Asia and Asia-Pacific markets.