Assessment of EU and member states adaptation investment needs study on the macro-economic impacts of the climate transition

This report assesses the scale of climate adaptation investment needs across the European Union and its Member States through a bottom-up, sector-based methodology. It identifies climate risks at national level, maps them to the European Climate Risk Assessment (EUCRA), and estimates the costs of adaptation measures required between 2021 and 2050 across key sectors, including infrastructure, health, ecosystems, food, and the economy. The analysis finds that adaptation investment needs already amount to tens of billions of euros annually and will rise substantially with increasing warming, with particularly high needs in infrastructure, water management, health, and food systems. The report highlights significant variation across Member States, large data gaps, and the importance of early, coordinated investment to reduce long-term costs, avoid maladaptation, and strengthen resilience across interconnected systems.