ECB warns extreme water scarcity puts up to 24% of eurozone output at risk

The European Central Bank (ECB) issued a warning that an extreme water scarcity event could jeopardize up to 24% of the euro area's economic output. Research from the ECB indicates that 72% of eurozone companies are highly dependent on ecosystem services, and nearly 75% of bank corporate lending is directed to firms exposed to at least one ecosystem service.