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The United Kingdom suffered the largest financial loss during that period, an estimated €43.7 billion. In recent years, France has been particularly hard hit by terrorist attacks and it recorded an economic loss of €43 billion. Spain came third overall with losses of €40.8 billion.
The research gauged the impact of terrorism on GDP growth across Europe, using econometric modelling to estimate its potential economic impact. Even though consumer purchasing habits remained stable after attacks, investment fell and this was primarily due to people “living more for the moment” rather than saving for the future.