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'Older firefighters will remember we used to have a megafire every 10 to 15 years,' said Dimitris Stathopoulos, president of the Greek firefighters' federation, calling for 4,000 new hires to cope with the growing workload.

It has allocated 75 million euros for measures like clearing forests and roads 'compared to zero budgets in the past.'īut for exhausted Greek firefighters on the ground, who often depend on help from volunteers, more needs to be done. Greece, which just this week battled 50 to 70 wildfires a day, has more planes and firefighters compared to three years ago, government spokesman Giannis Oikonomou said.

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France, where blazes sweeping through its southwest region burned campsites to the ground, said it has earmarked 850 million euros ($863 million) to upgrade its fleet of aircraft. 'What we see coming is that there will be larger number of more intense weather-related events,' he said.Īlready countries are increasing spending for firefighting. The EU's crisis management commissioner Janez Lenarcic told Reuters that member nations must prepare better. The question then is, how well is Europe positioned compared to other regions to deal with this?'Īt a time when national budgets and economies have been stretched by the pandemic, governments are under pressure to find more funding for essential firefighting equipment. 'It is already an economic worry and will most likely increase further. 'The long-term costs, not only due to wildfires but more broadly climate change, are rising,' said Steffen Dyck, senior vice president at Moody's Investor Service. But a rise in the frequency and severity of fires could hurt its tourism industry in the long run.

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Yet while the continent is slowly waking up to climate-related liabilities, authorities are struggling to grasp the full implications of wildfires.Īn ECB report this year found that, of the euro area bank exposures to climate change deemed 'high physical risk', the bulk of those were tied to wildfires mainly affecting southern countries, with a much smaller proportion linked to flooding and sea levels.Īccording to Moody's credit ratings agency, Greece - which suffered Europe's worst destruction from wildfires last summer - can at present cover most of the short-term costs through EU emergency funding.

Already this year, wildfires have broken out in a dozen European countries, often simultaneously, burning tens of thousands of hectares of land, and destroying homes and businesses.Īccording to a 2021 European Central Bank report, climate change could wipe over 4 percent off European GDP by 2030 in a worst-case scenario.