Europe’s heat wave caused $20 billion in crop damage. Meat and grain prices to rise.

This summer’s extreme heat has caused $20 billion in damage to Europe’s food production. The result will be higher prices for everything from grain to meat. And experts warn this could be just the beginning. “It is not at all impossible that we will see a price shock similar to the one in 2022 after Russia invaded Ukraine,” says Helena Hansson, professor of economics at the Swedish University of Agricultural Sciences. The damage hits a wide range of crops, which will push up costs for animal feed and, in turn, meat. Consumers should expect higher grocery bills this autumn.