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Blistering heat threatens European economy that teeters on the brink

Blistering heat threatens European economy that teeters on the brink

Blistering heat threatens European economy that teeters on the brink

Blistering heat threatens European economy that teeters on the brink

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  • Climate change is making this summer hotter and dryer.
  • Low water levels in Germany’s Rhine have stopped shipping.
  • Because of warm water, some French nuclear stations can’t run.
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Carsten Brzeski, a leading economist at ING, can cite many reasons that could cause a European recession.

Russia’s war in Ukraine worsens things. Weak euro makes imports more expensive for firms.

However, Italy, the EU’s third-largest economy, is in a political crisis after firing its prime minister.

Brzeski also monitors unfavorable weather. Climate change is making this summer hotter and drier, which hurts European businesses. When every bit matters, this hurts the economy.

Brzeski: “This is terrible.”

Low water levels in Germany’s Rhine have stopped shipping. River transports chemicals, coal, and grain. Because of warm water, some French nuclear stations can’t run. Added to other maintenance issues. Northern Italy.

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Farmers are struggling to cultivate soya and parmesan due to the worst drought in 70 years.

Climate difficulties however increase inflation as Europe struggles with rising food and gasoline prices.

In June, eurozone inflation touched a record 8.6%. This week, the ECB said they will take significant action.

S&P Global Market Intelligence’s senior business economist says the eurozone GDP will decrease between July and September. Fall and winter may be worse.

Record-breaking heat waves in the Northern Hemisphere ignited wildfires in Spain and France, burnt the U.S., and alerted dozens of Chinese towns.

Europe is paying for a dry winter, spring, and hot summer.

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The Rhine, Germany’s most vital inland canal for conveying industrial commodities, has low water levels, making shipping difficult.

Warmer water temperatures also hinder power facilities in the Midwest, which use rivers to cool down. Friday, EDF said three reactors were running at a lesser capacity because of warmer-than-usual rivers.

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