BRUSSELS: The European Union is not prepared for worsening ‌climate change and should urgently step up its investments to protect people and infrastructure from mounting floods, wildfires and ​severe heatwaves, its independent advisers said on Tuesday.

Climate change has made Europe the world's fastest-warming continent, according to ​the World ​Meteorological Organization, driving more frequent and intense heatwaves, flooding, coastal destruction and storms.

The economic damage to European infrastructure and buildings from weather and climate extremes is now 45 billion ⁠euros ($53.34 billion) per year, five times higher than in the 1980s, EU data show.

While the EU has ambitious targets to cut greenhouse gases - the main cause of climate change - its efforts have fallen short on adapting to the extreme weather climate change is already fuelling, according to the ​EU's advisers, the ‌European Scientific Advisory Board ⁠on Climate Change.

"It ⁠is a lack of coherence, a lack of coordination, and also a lack of budget," said the ​advisory board's chair, Ottmar Edenhofer.

Without stronger preparations, extreme weather will further harm ‌the EU's competitiveness, straining public budgets and increasing security risks, ⁠the advisers said.

They recommended the EU agree to prepare, across all member states, for risks associated with 2.8 to 3.3°C of warming by 2100.

This should be used to develop policies to help people and businesses adapt, the advisers said - for example, ensuring housing is not built in flood-exposed areas, planning support for drought-hit farmers, or designing cities to help people stay cool when temperatures spike.

The average global temperature is now 1.4C higher than in pre-industrial times. Countries' latest national climate pledges, if achieved, would still lead to 2.3 - 2.5°C of global warming this ‌century, according to the UN.

The EU advisers said another key area ⁠is investing in public early warning systems and increasing insurance ​coverage, for example, by considering EU-level reinsurance. Only a quarter of climate-related economic losses in the EU are currently insured.

The European Commission will propose a new strategy on "climate resilience" later this year, following ​weather disasters including 2023 ‌floods in Slovenia whose reconstruction costs equalled 11% of the country's ⁠GDP, and Europe's worst wildfire season on ​record last year. ($1 = 0.8436 euros) (Reporting by Kate Abnett; Editing by Susan Fenton)