The European Central Bank is warning today of the major economic risks of drought in Europe, which threaten up to 15% of the eurozone production in the event of extreme weather incidents that will take place more often with climate change.

“The lack of surface water is the greatest risk for the eurozone economy,” writes five blog authors published on the ECB website.

“Extreme drought episodes can cause chain consequences”: Lack of surface water reduces agricultural yields, stops production and increases costs, limits hydroelectricity and river transport, including examples cited by authors.

Another finding: The actual or perceived reduction in water has already caused a strong reduction in tourist visits in some areas, causing financial losses estimated at more than € 100 billion a year.

More generally, authors estimate that 72% of eurozone companies depend to the extent on the goods that nature offers immediate: drinking water, food (fish, fruits, etc.) wood, raw materials to medical plants.

Georgia is the most vulnerable sector in the event of long drought, with up to 30% of production being threatened in the south, compared to almost 12% in Finland, according to the note.

Southern Europe is the most affected, but the exhibition is also proceeding in Central and Northern Europe, according to a note that was made public at a time when drought, which had not been recorded for decades has been affecting part of northern Europe for weeks, from Scotland to the Netherlands.

Authors, economists in the ECB, add that the lack of water is expected to increase water and food prices, thereby increasing inflation.

They also note a risk to financial stability by increasing the likelihood of non -payment of companies: more than 1,300 billion euros in bank loans are exposed to particularly vulnerable drought sectors, he explained.

“It is essential to incorporate the dangers associated with nature in the context of assessing financial risks, especially those associated with water,” the note concludes.