The severe heatwave affecting France, United Kingdom, Netherlands, and Italy could have a significant impact on the future harvest of several key export products across Europe.
Speaking to RIA Novosti, Denis Ternovsky, a leading researcher at the Center for Agri-Food Policy of the Russian Presidential Academy, warned of the potential economic consequences of the continent’s extreme weather conditions.
According to Ternovsky, the greatest risks are facing Spain. Temperatures exceeding 40°C, combined with a lack of rainfall, could severely affect olive production in the world's largest olive oil producer. The heat may not only reduce yields but also lower the quality of the crop, as high temperatures decrease the oil content of olives.
A decline in Spanish olive supplies would likely lead to higher olive oil prices on global markets.
Europe’s wine industry is also under pressure. Prolonged hot and dry conditions could reduce harvests in vineyards across France and Spain. At the same time, the current heatwave may bring an unexpected benefit to Germany by increasing grape sweetness and potentially improving some wine varieties.
The expert also warned that cocoa and coffee production could come under strain. He pointed to the El Niño weather phenomenon as a key factor that could drive up prices for chocolate and coffee in the coming months.
By Jeyhun Aghazada
