For a long time, climate disasters were treated as exceptions. Today, they are impossible to ignore. They affect the country and dominate the headlines, disrupting the normal functioning of our lives. Wildfires, floods, and storms follow one another, and seasonal change is no longer just a variation on the calendar but a source of uncertainty about what comes next. Climate change, an expression that still causes discomfort, has moved from abstraction to increasingly tangible reality.

According to the most recent analyses by the European Environment Agency, Portugal is consistently among the Southern European countries most vulnerable to climate impacts. Estimates place cumulative economic losses since 1980 at between €12 billion and €15 billion, with damages from extreme events above the historical European Union average, particularly related to wildfires, droughts, and floods. This cumulative impact exposes sectors such as agriculture, water, and infrastructure to real and growing costs.

The recent series of storms in central Portugal made this vulnerability especially visible. Roads were closed, infrastructure was damaged, and activities were suspended, making it clear that these events can no longer be treated as exceptional. For businesses, the effects are immediate: disrupted operations, weakened supply chains, higher insurance premiums, and increasing difficulty planning based on historical patterns. The human impact is immediate. The economic impact is prolonged.

If there is any doubt, no, it was not always like this. In the past, major extreme events were spaced further apart. Today, they accumulate in increasingly shorter cycles, putting pressure on infrastructure and businesses. In 2024, the Instituto Português do Mar e da Atmosfera recorded 17 extreme climate events in Portugal over the past 20 years, a number that continues to grow. The year 2025 was classified as the second warmest year on record, while at the same time the country experienced precipitation levels not seen in more than a decade. This is not ordinary variability. It is a measurable intensification. In this context, adaptation is no longer optional. Insurers are adjusting premiums and restricting coverage. Supply chains are being redesigned with more redundancy and less efficiency. Energy companies are investing in more resilient grids to cope with intense rainfall and heat waves. Iberdrola has strengthened its power networks to withstand extreme events. Nestlé has adapted and relocated logistics hubs vulnerable to flooding. Sogrape has adjusted agricultural practices and calendars in response to droughts and higher temperatures.

Adaptation does not eliminate climate risk, but it reduces exposure. In this new environment, the ability to adapt is beginning to distinguish prepared companies from those that continue to operate as if climate stability were still a given.

Matilde Campos da Cruz, Research Fellow at the Center for Responsible Business and Leadership of CATÓLICA-LISBON