A new study highlights the severe economic impacts of the climate crisis, revealing that extreme weather events have caused over €560 billion in losses in the EU27 from 1980 to 2021. By 2050, losses could exceed €5 trillion, with governments increasingly acting as insurers of last resort. The study emphasizes the need for proactive climate adaptation investments to mitigate future losses and warns that inaction will lead to greater economic liabilities and job losses. Portugal is taking steps to adapt its electrical system in response to climate challenges.