Information taken from the CryoSat-2 probe suggests that Arctic ice is thinning 50% faster than scientists had originally predicted.
ESA's data, which was compared with NASA and submarine records, found that 900 cubic kilometres of summer ice has vanished from the Arctic ocean in the past twelve months.
If the analysis is correct, scientists warn that the entire region could eventually be ice-free in the summer.
The cause of the dramatic decline is unknown, but climate change has been suggested.
Researchers warn that the disappearance of Arctic ice could have a drastic effect on ocean temperatures and wildlife.