According to a recent study by Dartmouth researchers, the global economy will be at risk of losing $3 trillion by 2029 and $84 trillion over the entire 21st century due to weather events caused by the El Niño event. The economic toll generated by this recurring weather pattern was published in the journal Science and has reportedly cost the global economy trillions of dollars in lost revenue. The study stated that climate change could amplify the frequency and intensity of catastrophic events, leading to permanent signs of slowing economic growth.
The five years following the El Niño events of 1982-1983 and 1997-98 generated losses of $4.1 trillion and $5.7 trillion, respectively. Unfortunately, the world’s poorest countries bore most of this burden. The study also revealed that deadly floods, more tropical diseases, crop-killing droughts, and dwindling fish populations will be brought about by the change in weather patterns.
As a result of these weather-related disasters, financing for poorer countries is even more critical. The African country Somalia has already historically faced severe droughts, and crops have been unable to withstand five consecutive disastrous rainy seasons. Meanwhile, deadly floods and landslides caused by extreme weather have left the Emilia-Romagna region of northeastern Italy in a state of emergency. With these issues in mind, the United Nations Office for the Coordination of Humanitarian Affairs has called for an urgent response.
Justin Mankin, an assistant professor at the Ivy League Institute in New Hampshire, said that the effects of weather have a direct impact on the global economy and our well-being. The climate is tied to the global economy, and as such, permanent signs of slowing economic growth could be seen in the years ahead.