The impact of drought on the economy is poised to grow

The El Niño weather phenomenon will be particularly prevalent in the coming months, especially between October and January. Its influence on warmer temperatures around the world will be major.
Photo credit: Luis Paredes

Therefore, drought-related economic losses are set to increase according to a study conducted by Aon Benfield, attaining about 8 billion EUR (8.8 billion USD) in 2015. The damage sustained by agriculture, alone, in California has been estimated at 3 billion EUR (3.3 billion USD).
El Niño may have a particularly significant impact on the drought in Oceania, Southeast Asia and Africa. This weather phenomenon is characterized by a warming of the water surface in the east-central Pacific area, which then affects the temperatures across the entire planet.

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