Wildfires in the EU have caused more than €3 billion ($3.46 billion) in damages so far this year, exceeding the European Commission’s average annual estimate, the Financial Times has reported.

Almost half a million hectares have burned in the first two months of the fire season in France, Spain, Portugal, Greece, and Romania, the paper wrote on Tuesday. The €3.1 billion figure, which covers only the cost of restoring burned land and forests, “far outstrips European Commission estimates of a €2.5 billion average annual impact” for the whole bloc, it added.

The losses in France alone could amount to between €10 billion and €15 billion, The Wall Street Journal reported on Tuesday, citing data from Toronto-based ratings agency Morningstar DBRS.

Put into perspective, however, the estimated costs are modest compared with the scale of the EU’s other financial commitments, such as payments to Ukraine. In June, the European Commission disbursed €3.2 billion to Kiev as the first tranche of the bloc’s €90 billion Ukraine Support Loan for 2026-2027.

According to the European Commission, the EU and its member states have poured over €216.7 billion into Ukraine since the escalation of the conflict in 2022, including military aid, financial and humanitarian assistance, loans, and support for Ukrainian refugees in member states.

The latest fires have also renewed debate over the impact of the EU’s sanctions against Russia. Spain has been unable to operate part of its fleet of Russian-made Kamov Ka-32 firefighting helicopters because EU sanctions have disrupted maintenance and access to spare parts. During the latest wildfire emergency, both Spain and France activated the EU Civil Protection Mechanism, requesting additional aircraft and firefighting crews from other EU countries and Türkiye.