A new European Commission report involving CMCC researchers has been published, offering the most comprehensive assessment to date of how much Europe needs to invest to adapt to growing climate risks. The study finds that the EU will need to invest around €70 billion per year in climate adaptation up to 2050 to build resilience and reduce climate risks across sectors.

The newly published Assessment of EU and Member States’ Adaptation Investment Needs – Study on the macro-economic impact of the climate transition report sheds still further light on the urgency for investments in adaptation and resilience as the trend towards warmer global temperatures continues and the socio-economic costs of climate-related events keep rising.

In a first of its kind, the report estimates investment needs in adaptation for the EU and all Member States individually, looking into the risk clusters identified in the 2024 European Climate Risk Assessment and into individual adaptation measures at the EU and Member State level.

The figures include €30 billion per year to enhance infrastructure resilience, €21 billion for ecosystems, and €12 billion for food security measures. These numbers underline that adaptation is not a niche issue, but one that cuts across all parts of European societies and economies.

“This assessment quantifies, for the first time with a common methodology, the scale of adaptation investment needs across the EU. It gives policymakers a transparent basis to prioritise actions that strengthen resilience where it’s urgently needed,” says co-author of the report and CMCC researcher Giulia Galluccio.

At a time when the impacts of climate change are becoming increasingly visible – while uncertainty remains about the full scale of the challenge and our collective capacity to respond – the report provides guidance for European and national decision-makers. Understanding how much to invest, where, and at what pace is essential for policy planning, budget allocation and strategic prioritisation.

Some of the key findings included in the report reveal how France, Italy, Germany and Spain have the largest adaptation investment needs, in part due to their geographic and economic size. The study also finds that the scale and types of investments needed vary significantly across Member States, depending on individual country characteristics.

“By linking climate risk assessment with investment needs and macro-economic considerations, the report strengthens the evidence base for scaling up adaptation finance – a key step toward resilient societies and economies,” adds Galluccio.

The study, which was conducted in partnership with Ricardo, contributes to the European Commission’s broader work on adaptation and resilience, supporting Member States in designing coherent, cost-effective responses and better integrating adaptation into fiscal frameworks. It also presents current adaptation investment levels across the EU, identifies barriers that are limiting further investment, and highlights the role that EU policies can play in addressing these gaps.

For more information read the full report here