The Trillion-Dollar Threat of El Niño on the Global Economy
The upcoming El Niño event could cause a $3 trillion economic loss over the next several years, with low-income tropical countries being hit the hardest, according to a new study. The El Niños of 1982-83 and 1997-98 led to worldwide losses of $4.1 trillion and $5.7 trillion, respectively, which dragged on for more than five years after the climatic events had dissipated. The economic consequences of El Niño are more concentrated in the tropics, but other regions will feel the heat as well.