writes that countries located in Southern Europe, such as Spain and Italy, might lose the most financially, while Nordic nations might actually benefit from the effects. Additionally, people living in the world's poorest areas, who also happen to be the least responsible for climate change, will face some of the harshest consequences.

Currently, climate change is expected to cause the world over 35 trillion euros per year worth-of losses by 2049, according to scientists at Germany's Potsdam Institute for Climate Impact Research (PIK). By 2100, losses could doble, if climate action is not taken, researchers warn.

Study co-author Leonie Wenz, a climate scientist and economist, said that "our analysis shows that climate change will cause massive economic damages within the next 25 years in almost all countries around the world, also in highly-developed ones such as Germany and the US, with a projected median income reduction of 11 per cent each and France with 13 per cent."

Study lead author and climate scientist Max Kotz explained that their study was conducted based on a non-climate change world and applied against an overall expected global growth in the gross domestic product.

They estimate that the world's GDP could be 19% lower than that of a climate-perfect world, but some of the regions might still experience economic growth, albeit slower due to warmer temperatures.

Previously, scientists focused on extreme weather events as those that affect the economy, such as storms, heatwaves and floods, but they now discovered that "the overall impacts are still mainly driven by average warming, overall temperature increases."

Denmark and Germany are some of Europe's countries that are not expected to be hit as hard as Spain or Italy, for example, but only Arctic nations, such as Canada, Norway or Sweden, are believed to grow economically.

Researchers warned that if climate warming will remain at the 2 degree Celsius level, the higher limit established at the Paris Agreement in 2015, the global financial loss will be limited to 20%, but if they are to increase, the losses could amount to 60%.