The heatwave in Europe caused over 2 billion euros in damage to the grain market.

The anomalous heatwave observed in Europe in June has caused serious damage to the grain harvest. According to the Financial Times, citing data from the Coceral association, which protects the interests of European agricultural market participants, and the ECIU analytical center, which deals with climate change issues, nearly 9 million tons of grain harvest have been lost.

 

The publication notes that as a result, grain harvest forecasts in the European Union and the United Kingdom have been significantly reduced. The economic damage caused exceeds 2 billion euros.

 

The biggest losses were recorded in France. The country's grain harvest forecast has been reduced by 4.1 million tons, which is estimated as damage of nearly 891 million euros. The second most affected country is Hungary, where harvest losses amounted to 2.4 million tons.

 

According to French farmers, the yield of some crops, particularly soybeans, is expected to decrease by 50–70 percent.

 

"We are not heading towards a disaster; we are already in it," said Benoit Merlo, the owner of an organic farm in eastern France.

 

According to analysts, the reduction in the corn harvest, which is a primary feed for livestock, could lead to an increase in imports from countries such as Brazil and Ukraine.

 

Furthermore, the decrease in the wheat harvest in France is expected to cause a reduction in this country's wheat exports to African nations.