Dartmouth researchers estimate that $3 trillion is at risk by 2029 and $84 trillion for the full 21st century
El Niño triggered weather events that have reportedly cost the global economy trillions of dollars in lost income and are expected to occur again this year. Dartmouth researchers released a study pointing to a $3 trillion risk by 2029 and $84 trillion for the full 21st century.
The financial consequences of this recurring climate pattern, known as El Niño, have been published in the journal Science. The Dartmouth press release highlighted that climate change may increase the frequency and magnitude of the devastating events.
“We can say with certainty that societies and economies absolutely do not just take a hit and recover,” said Christopher Callahan, a PhD student at Dartmouth and the study’s lead researcher.
In the half decade following the 1982-83 and 1997-98 El Niño events, a “persistent sign” of slowing economic growth was found, with losses of $4.1 trillion and $5.7 trillion, respectively. The world’s poorest countries were hit hardest.
“Our well-being is affected by our global economy, and our global economy is linked to climate,” said Justin Mankin, an assistant professor at the Ivy League institution in New Hampshire, referring to how weather changes are leading to deadly floods and an increase in tropical diseases to lead. Droughts that kill crops and declining fish stocks.
After torrential rains that devastated Somalia and forced 250,000 people to flee their homes, the UN Office for the Coordination of Humanitarian Affairs called for urgent funding. The African country was already facing a historically severe drought and crops could not withstand five consecutive disastrous rainy seasons.
A deadly flood swallowed houses and caused landslides in Italy’s northeastern region of Emilia Romagna. Officials reported 14 dead and over 36,000 had to evacuate their homes. The extreme weather warning has been extended until Sunday.
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