The European Union is currently facing an annual loss of approximately €28 billion in agricultural production, primarily due to climate-related risks such as droughts, which account for over half of these losses.

Drought, along with frost, hail, and excessive rainfall, is responsible for 80% of climate-related agricultural losses across the EU, making it the most significant factor affecting the sector.

In Greece, agriculture contributes 3.3% to the national GDP, and the country is particularly vulnerable to climate change, with losses from severe droughts estimated at €3 billion annually, potentially rising to €4 billion over the next 25 years.

With over 11.5% of Greece's workforce employed in agriculture, the indirect impacts of climate change on employment in this sector underscore the significant economic stakes for the country.

Southern and Eastern European countries, including Greece, Spain, and Italy, are especially at risk due to their high reliance on agriculture, where losses could exceed 3% of GDP.

A report from Morgan Stanley highlights that €17.4 billion of the total agricultural losses in the EU are attributable to crop farming, while €10.9 billion affects livestock.

Morgan Stanley projects that these agricultural losses could escalate to €40 billion by 2050, with crop farming losses alone increasing by 42% to 66%.

The EU agricultural sector, while only accounting for 1.65% of the overall GDP, shows considerable vulnerability, particularly in Southern and Eastern Europe.

Recent reports indicate that Greek farms are facing significant challenges as climate change continues to impact European agriculture.