In mid-July 2021, the heaviest rainfall in a century triggered intense flash floods and inundated several towns in Germany, the Netherlands and Belgium, causing at least 188 deaths. The floods in Europe are a reminder that although emerging markets are likely to be hit hardest by a temperature rise, richer countries in the northern hemisphere are far from immune from the effects of severe weather.   In this episode, we talk with experts to understand the biggest climate risks facing Europe's biggest economies, analyzing physical risk data from S&P Global Trucost.   Guests on the episode include Irene Lauro, an economist with asset manager Schroders; and Swenja Surminski who leads adaptation research at the Grantham Research Institute on Climate Change and the Environment at the London School of Economics. And we talk to Berenberg Bank analyst Michael Huttner about how the floods could impact insurance companies.