"What’s happening in Europe this summer isn’t unique," deputy governor of the Bank of France Agnès Bénassy-Quéré said. Data from the European Environment Agency shows weather-related extremes cost the EU economy over €200 billion in economic losses between 2021 and 2024. Insurance firms, meanwhile, are hiking their prices and even pulling out of certain at-risk areas, leaving governments and individuals to bear the cost of uninsured losses. “In Europe, 75 percent of the damages related to natural disasters are not insured,” said Ariel Le Bourdonnec, a campaigner working on insurance at the NGO Reclaim Finance, citing data from the European Insurance and Occupational Pensions Authority. For insurers, flooding and storms are the most costly natural disasters, followed by extreme heat and wildfires, according to Insurance Europe.