Communication on managing climate risks
The Commission’s Communication on managing climate risks from 2024 outlines how the EU can proactively address growing climate-related threats and build resilience. It responds to the first-ever European Climate Risk Assessment (EUCRA), published by the European Environment Agency (EEA) in March 2024, and incorporates the latest scientific evidence on the topic, including the latest Copernicus reports. The EUCRA evaluates Europe’s exposure to climate risks, policy readiness, and the distribution of responsibilities between the EU and Member States.
Key principles for climate resilience
The climate crisis endangers lives, livelihoods, and economic competitiveness, making resilience-building essential. The Communication emphasises:
- Avoiding maladaptation – ensuring resilience measures do not shift risks onto others or worsen future risks.
- Systemic action – cross-sectoral solutions are necessary to address interlinked climate risks.
- Transformational change – adaptation must be ambitious, inclusive, and supported to prevent social and economic disparities.
Proposed actions and solutions
The Communication sets a vision for enhancing societal and economic preparedness through:
- Governance improvements to enhance coordination and responsibility-sharing.
- Empowering risk owners with better tools and information.
- Structural policies that integrate resilience across sectors.
- Financial resilience through appropriate funding mechanisms.
It also outlines targeted EU actions in key impact areas: natural ecosystems, water, health, food, infrastructure, and the economy, ensuring climate adaptation is comprehensive and forward-looking.
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Climate Resilience Dialogue
Despite efforts to limit global warming, climate change impacts are escalating, with rising financial costs. However, only 30% of climate change-related losses are covered by insurance. To narrow this Climate Protection Gap – the disparity between total losses and insured amounts – and increase the climate resilience of our economy and society, the European Commission established the Climate Resilience Dialogue.
This temporary initiative brought together key stakeholders – from insurance, finance, public authorities, and consumer groups – and operated in two sub-groups: “Insurance Underwriting and Solutions” and “Adaptation Investment”. The specific objectives of the Dialogue included:
- Increasing climate risk insurance coverage for businesses and society
- Creating favourable conditions for investment in adaptation
- Developing voluntary commitments to reduce the protection gap
Reports
In July 2023, the Dialogue published an interim report which defined the Climate Protection Gap and identified key focus areas.
A year later, in July 2024, the Dialogue published its final report. This document brought together insights and learnings from the discussions, put forward actions, highlighted good practices, and explored possible solutions for building climate resilience and narrowing the Climate Protection Gap.