European wildfires cause over 3 billion euros in economic damage

Devastating wildfires and consecutive heatwaves across Europe have caused over 3 billion euros in economic losses within the first two months of the 2026 fire season. According to an analysis by the Financial Times, approximately 500,000 hectares of land have been destroyed in the most affected nations, including Greece, France, Spain, Portugal, and Romania.

The calculated 3.1 billion euro figure represents the estimated cost of restoration, required to return damaged land to its previous state. This amount exceeds the European Commission’s previous average annual impact estimate of 2.5 billion euros for the entire European Union. The analysis utilized methodology from the Commission and the French government, reflecting the high financial value of ecological restoration.

The total cost varies significantly between countries depending on local land cover types and specific maintenance requirements for reforestation. As extreme weather conditions continue to impact these regions, experts emphasize that these figures represent a severe economic burden on the affected states' budgets.