Climate Adaptation and Housing in the Nordic Region

Emilie Wedell-Wedellsborg

In this video, Emilie explains how climate change is already impacting weather patterns and housing across the Nordics bringing more frequent floods, storms, and extreme weather events. She explores the growing financial and social risks for homeowners, including rising repair costs, insurance challenges, and declining property values. She also highlights why climate adaptation is essential and how Danske Bank supports customers through expert advice and climate-friendly financing solutions.

Climate Crisis

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Climate Adaptation and Housing in the Nordic Region

8 mins 58 secs

Key learning objectives:

Understand how climate change is already affecting weather systems and housing in the Nordic region
Identify the financial and social impacts of extreme weather events on homeowners and communities
Recognise the importance of climate adaptation and the existing gap in resilience financing
Explore how Danske Bank supports customers with advisory services and climate-adaptive financial products

Overview:

Climate change is intensifying extreme weather across the Nordics, increasing risks to housing, infrastructure, and financial stability. Homeowners face rising repair costs, insurance challenges, and potential declines in property value. Climate adaptation, like flood protection and resilient construction, offers economic and practical benefits, but knowledge and funding gaps remain. Danske Bank supports customers through financing and expert advice. As weather risks grow, proactive adaptation becomes essential to protect homes, finances, and wellbeing in a changing climate.

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Summary

How is climate change already affecting the Nordics?

Climate change is making weather patterns in the Nordic region more unpredictable, with rising instances of heavy rainfall, flooding, and storm surges. These weather events increasingly affect property, infrastructure, and communities, leading to costly repairs and greater risk exposure for homeowners. Reports from the IPCC and WEF highlight that extreme weather events are becoming both more frequent and more severe in the region.

Why is climate adaptation important for Nordic homeowners?

Climate adaptation helps homeowners prepare for and mitigate the risks of extreme weather. As climate events can lower property values, increase insurance premiums, and even make homes uninsurable, proactive measures such as drainage systems or anti-flood devices can safeguard both physical assets and long-term financial wellbeing. Adaptation is a cost-effective way to prevent future damage and strengthen resilience, especially as awareness and regulatory expectations increase.

What are the financial implications of not adapting?

The economic costs of inaction are significant. In Denmark alone, climate-related damage over the next century could exceed 400 billion DKK. For every krone invested in adaptation today, 1.6 kroner can be saved in future damage costs. As climate risks become more visible, they could start to affect property prices. Almost 80% of Danish homeowners already say they would avoid properties at risk of water damage. Failing to act now could mean greater financial losses later.

What barriers are stopping homeowners from climate adapting their properties?

According to a YouGov survey, many homeowners lack the necessary knowledge or funds. 29% are unsure what actions to take, while 30% say they can't afford the upgrades. These barriers prevent widespread uptake of preventive measures, even when risks are high and awareness is growing.

How is Danske Bank helping homeowners adapt?

Danske Bank offers targeted products and services to support adaptation. These include favourable-rate loans for climate upgrades and access to expert engineering advice in Denmark and Finland. Measures covered include drainage improvements, pump wells, and anti-flooding devices. Advisors also help customers assess climate risks when buying or improving homes, guiding them on how to enhance their property’s resilience.

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Emilie Wedell-Wedellsborg

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