France, Spain and Greece battled major wildfires as extreme heat, dry conditions and strong winds fueled blazes across Europe.

The wildfires have forced more than 220,000 evacuations in France and over 75,000 evacuations in Spain, with another 30,000 people sheltering in place. Spain has recorded more than 150,000 hectares burned this year, while France has seen 98,000 hectares burned.

Europe is enduring an intense summer of back-to-back heatwaves and wildfires, with emergency crews under constant pressure as dry conditions fuel blazes. EU countries have already surpassed 2025’s record wildfire season, while temperatures remain well above historical averages, making Europe the world’s fastest-warming continent.

Europe’s Heat Threatens Wineries, Transport

Morningstar DBRS said insured losses will largely depend on whether the fires spread into densely populated or high-value commercial areas. The agency warned that wildfires near Bordeaux and west of Madrid could threaten homes, tourism, wineries, transport infrastructure, and businesses, increasing the risk of significant insurance claims if the fires spread into populated areas.

The agency said wildfires affecting forests, plantations and undeveloped land often result in economic losses that exceed insured losses because such areas are typically uninsured. It added that losses could rise significantly if the fires spread into densely populated communities.

"This is really a big economic challenge," Georg Zachmann, a senior fellow at Bruegel specializing in energy and climate policies, told CNBC on Tuesday.

ING Global Head of Macro Carsten Brzeski said increasingly frequent and severe heatwaves are becoming a major economic factor for Europe, driving higher costs for cooling, healthcare, infrastructure, transportation and agriculture. He said heatwaves have evolved from isolated weather events into a significant macroeconomic variable.

Apple Inc. (NASDAQ:AAPL) CEO Tim Cook expressed support for those affected by the southern Europe wildfires, thanked first responders, urged people to stay safe, and said Apple will donate to relief efforts.

Our hearts go out to everyone affected by the devastating wildfires in southern Europe. Thank you to the first responders, and to everyone still in harm's way, please stay safe. Apple will be donating to relief efforts on the ground.

— Tim Cook (@tim_cook) July 30, 2026

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