Ensemble forecasts of extreme wind and precipitation provide essential information for early warning systems. In this study, we present two forecasting approaches that combine a stochastic weather generator (SWG) with atmospheric circulation analogs to forecast extreme precipitation and extreme wind speed in Europe. The first approach, which we term HC-SWG, combines ECMWF ensemble reforecasts with the stochastic weather generator to forecast extreme precipitation at different locations in Europe. The second approach, which we term MA-SWG, uses multivariate atmospheric analogs as input to the SWG to forecast extreme 10 m wind speed. These ensemble forecasts of precipitation and wind speed extremes display a higher forecast skill than ECMWF numerical reforecasts at lead times up to 10 days, using station data as the ground truth. As a final step, we evaluate the forecasted and observed frequencies of simultaneous and sequential precipitation and wind speed extremes in Europe, which are a class of high-impact compound events. Our forecasts yield comparable occurrence frequencies to the observations.