The Atlantic meridional overturning circulation (MOC) plays a critical role in the climate system and is responsible for much of the heat transported by the ocean. A mooring array, nominally at 26°N between the Bahamas and the Canary Islands, deployed in Apr 2004 provides continuous measurements of the strength and variability of this circulation. With seven full years of measurements, we now examine the interannual variability of the MOC. While earlier results highlighted substantial seasonal and shorter timescale variability, there had not been significant interannual variability. The mean MOC from 1 Apr 2004 to the 31 March 2009 was 18.5 Sv with the annual means having a standard deviation of only 1.0 Sv. From 1 April 2009 to 31 March 2010, the annually averaged MOC strength was just 12.8 Sv, representing a 30% decline. This downturn persisted from early 2009 to mid‐2010. We show that the cause of the decline was not only an anomalous wind‐driven event from Dec 2009–Mar 2010 but also a strengthening of the geostrophic flow. In particular, the southward flow in the top 1100 m intensified, while the deep southward return transport—particularly in the deepest layer from 3000–5000 m—weakened. This rebalancing of the transport from the deep overturning to the upper gyre has implications for the heat transported by the Atlantic.

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The North Atlantic and Europe experienced two extreme climate events in 2015: exceptionally cold ocean surface temperatures and a summer heat wave ranked in the top ten over the past 65 years. Here, we show that the cold ocean temperatures were the most extreme in the modern record over much of the mid-high latitude North-East Atlantic. Further, by considering surface heat loss, ocean heat content and wind driven upwelling we explain for the first time the genesis of this cold ocean anomaly. We find that it is primarily due to extreme ocean heat loss driven by atmospheric circulation changes in the preceding two winters combined with the re-emergence of cold ocean water masses. Furthermore, we reveal that a similar cold Atlantic anomaly was also present prior to the most extreme European heat waves since the 1980s indicating that it is a common factor in the development of these events. For the specific case of 2015, we show that the ocean anomaly is linked to a stationary position of the Jet Stream that favours the development of high surface temperatures over Central Europe during the heat wave. Our study calls for an urgent assessment of the impact of ocean drivers on major European summer temperature extremes in order to provide better advance warning measures of these high societal impact events.