The wildfires ravaging Southern Europe and North Africa are set to adversely affect the local economies, particularly the tourism and agriculture sectors, and serve as a bellwether of what may come if climate change is not addressed.
Firefighters were tackling more than 100 blazes across Greece as of Wednesday, with hundreds of thousands evacuated as fires destroyed homes and businesses across islands as far apart as Rhodes in the Aegean and Corfu in the Ionian Sea.
Meanwhile, Algeria said on Wednesday it had contained deadly wildfires which have killed at least 34 people and displaced more than 1,000 others.
Other countries, including Italy, Spain and Tunisia are also battling blazes as temperatures continue to soar.
“The extreme weather – an increasingly frequent occurrence in our warming climate – is having a major impact on human health, ecosystems, economies, agriculture, energy and water supplies,” Petteri Taalas, secretary-general of the World Meteorological Organisation, said on Tuesday.
“This underlines the increasing urgency of cutting greenhouse gas emissions as quickly and as deeply as possible. In addition, we have to step up efforts to help society adapt to what is unfortunately becoming the new normal.”
Southern Europe's heatwave will bring challenges and costs as the severity increases, Moody’s Ratings agency said in a report this week.
The heatwaves may reduce the region's attractiveness to tourists in the longer term or “at the very least reduce demand in summer”, which will have negative economic consequences, it said.
For Greece alone, the travel and tourism sector’s gross domestic product contribution last year grew by more than 38 per cent to reach nearly €38 billion ($42 billion), representing 18.5 per cent of its economy, according to the World Travel and Tourism Council.
The sector also created 5,000 more jobs, compared to the previous year, to reach almost 800,000 jobs nationally.
The EU estimates that wildfire damage cost at least €2 billion in 2022
However, Greek Environment and Energy Minister Theodoros Skylakakis said only a “very small” number of tourists were affected by the fires.
“The tourist industry as a whole is handling this issue. It [has] not affected massively our tourism industry until now,” he told Bloomberg TV on Tuesday.
Agriculture plays a small role in most of the affected countries' economies and the current heatwave is likely to have relatively limited economic implications, although it could affect food prices, Moody’s said.
Greece has the largest agriculture sector, accounting for 4.5 per cent of gross value added and 10.9 per cent of employment in 2022.
“However, the countries are major suppliers of olives, grapes, grains and fruits, and production shortfalls will pressure food prices: in 2022, high temperatures reduced EU cereal harvest by 10.2 per cent relative to the last five years,” the report said.
From an energy perspective, gas prices on the Dutch Title Transfer Facility gas futures, the benchmark European contract, are up 20 per cent week-on-week to around $10.7 per million British thermal units (MMBtu) as of July 25 due to heatwaves in Italy, Greece, and Spain, Rystad Energy’s senior analyst Masanori Odaka said in a note on Wednesday.
Electricity generation, particularly hydropower, is also adversely affected by heat and drought at a time when air conditioning usage increases energy demand, Moody's said.
Among the European countries, Croatia and Italy are the most reliant on hydropower in their energy mix, with hydropower comprising 49 per cent of electricity production in Croatia and 17 per cent in Italy.
“However, because reservoir levels in both countries are much higher than this time last year following heavy rainfall in the spring, we expect energy supply will be sufficient,” Moody's said.
“While economic and fiscal costs remain manageable in the short term, the expected increase in the number, intensity and duration of extreme climate events in the coming years will have longer-term credit-negative effects,” the report added.
The EU estimates that wildfire damage in 2022 cost at least €2 billion and this year the bloc doubled the size of the standby firefighting fleet it finances.
“Adaptation measures to strengthen resilience to extreme weather-related events will require significant but manageable public expenditure,” Moody’s said.
According to the European Commission, in order to limit the global temperatures rise to 1.5°C above pre-industrial levels, adaptation investments will be around €40 billion per year, or about 0.3 per cent of the EU’s GDP.
If global average temperatures rise by around 1.5°C above pre-industrial levels, the EC estimates that debt ratios would be 4.5 percentage points higher in Spain by 2032, 2.6 percentage points higher in Greece and 2.2 percentage points higher in Italy, mainly as a result of the economic and fiscal costs of extreme climate events.
In a scenario where global average temperatures rise by 2°C, it estimates that debt ratios would increase by an additional 0.4 percentage points on average.
Climate change also poses a potential threat to the financial system through the physical risks, transition risks or liability risks, the European Central Bank said in a March report.
“These risks are distinct from each other, and they affect different financial institutions in different ways. Physical risk stems from the uncertain economic and financial costs due to the gradual rise in temperatures and more frequent and severe weather disasters, such as floods, droughts and wildfires.
“These events disrupt local economic activity and erode asset values, potentially resulting in economic and financial losses for businesses and households,” it said.
Wildfires cause more than just direct damage to life and property: smoke exposure can decrease labour income, employment and labour force participation, according to a report by Stanford’s Institute for Economic Policy Research.
Wildfire smoke reduced earnings in the US by an average of $125 billion a year between 2007 and 2019, the report published in December showed.
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
More on animal trafficking
Other key dates
-
Finals draw: December 2
-
Finals (including semi-finals and third-placed game): June 5–9, 2019
-
Euro 2020 play-off draw: November 22, 2019
-
Euro 2020 play-offs: March 26–31, 2020
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Naga
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'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
BUNDESLIGA FIXTURES
Friday Hertha Berlin v Union Berlin (11.30pm)
Saturday Freiburg v Borussia Monchengladbach, Eintracht Frankfurt v Borussia Dortmund, Cologne v Wolfsburg, Arminia Bielefeld v Mainz (6.30pm) Bayern Munich v RB Leipzig (9.30pm)
Sunday Werder Bremen v Stuttgart (6.30pm), Schalke v Bayer Leverkusen (9pm)
Monday Hoffenheim v Augsburg (11.30pm)
The%20Roundup%20%3A%20No%20Way%20Out
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lee%20Sang-yong%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Don%20Lee%2C%20Lee%20Jun-hyuk%2C%20Munetaka%20Aoki%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO
England 241-3 (20 ovs)
Malan 130 no, Morgan 91
New Zealand 165 all out (16.5ovs)
Southee 39, Parkinson 4-47
England win by 76 runs
Series level at 2-2
Day 2, Abu Dhabi Test: At a glance
Moment of the day Dinesh Chandimal has inherited a challenging job, after being made Sri Lanka’s Test captain. He responded in perfect fashion, with an easy-natured century against Pakistan. He brought up three figures with a majestic cover drive, which he just stood and admired.
Stat of the day – 33 It took 33 balls for Dilruwan Perera to get off the mark. His time on zero was eventful enough. The Sri Lankan No 7 was given out LBW twice, but managed to have both decisions overturned on review. The TV replays showed both times that he had inside edged the ball onto his pad.
The verdict In the two previous times these two sides have met in Abu Dhabi, the Tests have been drawn. The docile nature of proceedings so far makes that the likely outcome again this time, but both sides will be harbouring thoughts that they can force their way into a winning position.
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
