Economic losses and damages for European economies from multiple KRs are projected to increase   and potentially quadruple at 3ºC GWL compared with 1.5°C GWL . Existing estimates of projected economic costs for Europe, based on integrated assessment or computable general equi- librium models, are, however, likely to be underestimations of the true costs because of incomplete coverage of biophysical impacts, in par- ticular low-probability high-impact events, and disruptive risk prop- agation channels . The main driver for this increase in economic losses and damages is mortality due to heat stress , followed by reduced labour productivity, coastal and inland flooding, water scarcity and drought  . While losses are highest in SEU for both 1.5°C and 3ºC GWL, and increase by a factor of more than 3 between these GWLs, the projected economic damages and losses also increase significantly in WCE  and in NEU  . Adaptation is projected to reduce macroeconomic costs, but residual costs will remain particularly for warming above 3℃ GWL  .
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report