The natural burst of El Nino warming that changes weather worldwide is far costlier with longer-lasting expenses than experts had thought, averaging trillions of dollars in damage, a new study found.
An El Nino is brewing now and it might be a big — and therefore costly — one, scientists said. El Nino is a temporary and natural warming of parts of the equatorial Pacific, that causes droughts, floods and heat waves in different parts of the world. It also adds an extra boost to human-caused warming.
But the Dartmouth team said they are looking at more than the traditional costs and for longer time periods. The economic scars are the diversion of spending away from technology and innovation toward recovery and rebuilding efforts, Callahan said. It's about opportunities lost while digging out of the El Nino hole.
El Ninos occur on average about every three to five years and vary in strength, according to the U.S. National Oceanic and Atmospheric Administration. The last strong El Nino was in 2016. Neither Mankin nor Callahan are full-time economists. Economists who looked at their study were not impressed, but other climate scientists were.
However, Marshall Burke, an economist and environmental policy professor at Stanford University, said the Dartmouth scientists"make a compelling case that this has really slowed growth in severely affected countries like Peru, and resulted in trillions of of lost economic output around the world."
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