ATHENS

Greek farms are on the edge as climate change hits European agriculture, said a report published by local media on Thursday.

As the EU loses 6.4% of its yearly agricultural production, equivalent to €28 billion ($32.96 billion), to climate-related risks, states in Southern and Eastern Europe are significantly more vulnerable owing to the agricultural sector’s share of their economies, said daily Kathimerini, citing a recent report by investment bank Morgan Stanley.

According to Morgan Stanley, €17.4 billion of the bloc’s annual total loss concerns crop farming and a €10.9 billion impact on livestock.

By and large, drought, frost, hail and excessive rainfall account for 80% of climate-related agricultural losses across the bloc, with drought identified as the primary driver

In Greece, where the agricultural sector contributes 3.3% to GDP, the third-highest rate in the bloc, losses related to severe drought driven by climate change are forecasted at €3 billion annually and are projected to approach €4 billion over the next 25 years, according to the report.​​​​​​​