Business World

Monday 18 November 2019

Climate costs: Growth suffers as German rivers run dry

Visitor watches cargo ships pass by on the the banks of the Rhine River normally not able to be reach by foot in the town of Bingen in Germany. Photo: Getty Images
Visitor watches cargo ships pass by on the the banks of the Rhine River normally not able to be reach by foot in the town of Bingen in Germany. Photo: Getty Images

Low water levels on Germany's industrial rivers probably shaved at least 0.7 of a percentage point off economic growth last year, adding to shocks that almost tipped the nation into recession.

JPMorgan's economist Greg Fuzesi estimated the economic impact of high temperatures and low rainfall which dried up waterways, hindering transport and curbing production processes using river water for cooling.

On the Rhine, ships cannot carry a full cargo when water levels drop without a risk of running aground. Pictured are ships in low water, watched from the banks of the Rhine.

Bloomberg

Irish Independent

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