Climate Change Threatens Greek Agriculture
(MENAFN) Greek agriculture is facing a critical threat as climate change severely disrupts European farming, according to a report highlighted by local media on Thursday.
The European Union is losing 6.4% of its annual agricultural output—amounting to €28 billion ($32.96 billion)—due to climate-related hazards, with Southern and Eastern European countries disproportionately affected because of the larger role agriculture plays in their economies, daily media reported, citing a recent analysis by investment bank Morgan Stanley.
Morgan Stanley's findings reveal that crop production accounts for €17.4 billion of the EU’s yearly losses, while livestock faces a €10.9 billion hit.
Across the EU, droughts, frost, hail, and heavy rainfall cause 80% of climate-driven agricultural damages, with droughts identified as the dominant factor.
In Greece, where agriculture makes up 3.3% of GDP—the third highest in the EU—annual losses from severe drought linked to climate change are estimated at €3 billion ($3.54 billion). Projections suggest these losses could escalate to nearly €4 billion ($4.72 billion) over the next 25 years, the report indicates.
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