Climate crisis threatens 327,000 jobs in Greece, warns new report
Greece faces a potential loss of up to 327,000 full-time jobs and an annual GDP reduction of €16 billion if decisive climate action is not taken, according to a new study by the Foundation for Economic and Industrial Research (IOBE). The findings reveal the staggering economic cost of climate inaction, particularly in sectors critical to the Greek economy.
The report, titled “Assessment of the Effects of Climate Change in Six Selected Sectors”, examines agriculture, industry, finance, households, entrepreneurship, and tourism. In a worst-case scenario with no policy intervention, it projects a 10% drop in disposable income, a shift in consumption patterns, and widespread economic disruption.
IOBE Director-General Nikos Vettas emphasized both the risks and potential opportunities:
"It is possible to turn this challenge into an economic advantage, but that requires immediate and coordinated interventions," he said during a press conference on Tuesday.
Tourism, a cornerstone of the Greek economy, remains highly seasonal. Vettas noted that diversifying and adapting the tourism product year-round will be essential to withstanding environmental pressures. He also stressed that primary production lags behind in technological integration—making it particularly vulnerable to climate volatility.
Despite Greece’s academic contributions to green innovation, the country ranks fifth-lowest in the EU in terms of eco-innovation performance. According to Elias Demian, head of IOBE’s Environmental Economics Unit, bureaucratic hurdles and funding gaps remain key barriers to scaling up sustainable entrepreneurship.
The report serves as a stark reminder that, while climate change poses a grave threat, strategic action can mitigate its worst effects and even unlock new economic pathways—if Greece acts without delay.
