Story perspectives

Heatwave Over 40°C Slashes Parmigiano Milk, Raises Costs

7/13/2026

Summary

Parmesan Producers Heat

Extreme heat above 40 °C in Emilia Romagna is cutting milk output for Parmigiano Reggiano producers.
Consortium president Nicola Bertinelli says the high temperatures lower both the quantity and quality of milk.
Farmers now keep barn windows open day and night and run fans and mist systems, driving sharply higher electricity bills.
The industry generates about 4.5 billion euros in annual revenue and supports thousands of regional jobs.

Summary

MGT Shields Collateral

MGT upgraded insulation, cooling and renewable-energy output to protect cheese wheels used as loan collateral.
The “Bank of Parmigiano” run by Magazzini Generali delle Tagliate, a Credito Emiliano unit, uses stored wheels as collateral for low-interest dairy loans, with producers financing wheels aged 12 months to three years.
Executives warn that heatwave-driven energy spikes could lower the cheese’s collateral value and raise financing costs for farms.

History

Historical Context

The 2003 European heat wave, the continent’s hottest summer since at least 1540, killed over 70,000 people and shaved 0.5 % off EU GDP. Its severe drought cut wheat harvests by 20 % in France and reduced EU agricultural output by 10 %. That legacy drives today’s Emilia Romagna cheese producers, led by Nicola Bertinelli, to seek heat-risk insurance and climate-resilient financing from the ECB and national banks.

1 of 3

Parmesan Producers Heat

Extreme heat above 40 °C in Emilia Romagna is cutting milk output for Parmigiano Reggiano producers.
Consortium president Nicola Bertinelli says the high temperatures lower both the quantity and quality of milk.
Farmers now keep barn windows open day and night and run fans and mist systems, driving sharply higher electricity bills.
The industry generates about 4.5 billion euros in annual revenue and supports thousands of regional jobs.

1 / 3