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 a boost to human-caused warming.
The strong 1997-1998 one cost $5.7 trillion. The World Bank estimated the 1997-1998 El Nino cost governments $45 billion, which is more than 100 times smaller than the Dartmouth estimate. 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.
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