Credito Emiliano, or Credem, has accepted Parmigiano as collateral for farm loans since 1953, with its warehouses holding about 500,000 wheels worth more than €300 million. Farmers can receive 60 per cent to 80 per cent of a wheel’s value while it ages for at least 12 months.

Record heat has increased the bank’s energy consumption by about 30 per cent, while cows produce up to 10 per cent less milk in extreme temperatures.

The effects extend to vineyards, where Italy’s 2026 harvest is among its earliest on record, and olive groves, where production has fallen to about 270,000 to 300,000 tons.

Economist R Jisung Park said heat can cause “measurable downstream firm valuation impacts” through supply chains.