Worsening drought in Europe threatens Cyprus' agriculture, tourism, and economy with significant climate risks
Morningstar DBRS has raised alarms about Europe’s escalating drought conditions, highlighting significant disruptions to agriculture, inland transport, and energy production. Cyprus, in particular, faces heightened risks due to its limited water resources and reliance on climate-sensitive sectors like agriculture and tourism. Successive heatwaves and declining rainfall have intensified drought effects, creating financial challenges that may impact the island’s long-term economic stability.
A study by the University of Cyprus Economics Research Centre estimates that under current climate trends, the country could suffer GDP losses up to €29 billion by 2050, potentially climbing to €162 billion by 2100. Tourism and agriculture stand out as especially vulnerable sectors, with rising temperatures threatening traditional seasonal travel and crop yields. Meanwhile, government efforts to mitigate and adapt to these risks remain insufficient compared to the scale of challenges posed by climate change.
The credit rating agency emphasized the urgent need for enhanced climate adaptation to prevent significant damage to national wealth and economic activity. Cyprus is working to improve regional cooperation and promote sustainable practices, but the severity of prolonged drought spells underscores the importance of accelerated action to protect the country’s economy and creditworthiness.
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