The figure compares with an estimate of €3.61 billion, released three months after the event, and one from six weeks ago, which found €3.29 billion of possible losses.

PERILS reported that around 1.9 million claims were filed and their estimated impact represents the biggest European loss since Cyclone Kyrill in January 2007.

Most of the damage occurred in Germany, followed by the Benelux states, the United Kingdom and France. Minor losses occurred in Austria, Switzerland and Denmark. Poland and the Czech Republic were also affected but are not covered by the study.