France's summer heatwave caused €16 billion in economic damage, lawmaker says

PARIS, October 5. /TASS/. The economic toll of this summer’s record-breaking heatwave in France has reached approximately €16 billion, a figure that surpasses official government forecasts, Eric Coquerel, Chairman of the National Assembly’s Finance Committee, announced during a parliamentary hearing.

"I would like to note that some parties--specifically representatives of ministries and state agencies--find it difficult to provide figures and estimates. <...> Personally, I arrive at a minimum figure of €16 billion," the lawmaker said.

Coquerel, representing the opposition left-wing La France Insoumise (France Unbowed) party, based his estimate on macroeconomic costs and the impact on living and working conditions. Citing data from France's National Institute of Statistics and Economic Studies (INSEE), he noted that the extreme weather slashed economic growth by €3 billion and widened the budget deficit by €1.5 billion.

Regarding living and working standards, state agencies spent €2.5 billion, while private households suffered about €500 million in damages. Households also faced an additional €800 million in expenses, driven in part by surging electricity bills from increased air conditioning and fan usage. In the business sector, Coquerel highlighted the agricultural industry, where professional associations estimate losses at no less than €10 billion.

According to Meteo-France, the summer of 2026 was the hottest in France since records began in 1900, eclipsing the extreme summers of 2003 and 2022. On September 16, AFP reported, citing the national public health agency, that approximately 8,000 excess deaths had been recorded nationwide since late May across three distinct heatwaves.

In early August, Minister for the Ecological Transition Monique Barbut projected that the recurring heatwaves could cost the country "approximately €10-15 billion." In early September, French Minister of Economy and Finance Roland Lescure announced that his ministry had downgraded its 2026 GDP growth forecast from 0.7% to 0.5%, noting that the prolonged heatwaves alone shaved 0.1 percentage points off GDP growth.