El Niño to drive global drought losses of more than $8bn
Global drought losses will likely surpass the current forecast of $8 billion in economic damage, in part thanks to an intensifying El Niño in the coming months, according to Impact Forecasting, Aon Benfield’s catastrophe model development team.
A report by Impact Forecasting, examining the impact of natural disaster events worldwide during August 2015, also revealed that in the US, severe drought conditions persisted in western regions with total economic losses expected to reach at least $3 billion—mostly attributable to agricultural damage in California. Several Caribbean and Central American nations issued alerts as droughts worsened.
Drought conditions also affected Eastern Europe, Africa, the Caribbean, and Central America during August, with combined economic losses of more than $2.6 billion occurring in Romania, the Czech Republic, and Poland.
Steve Bowen, Impact Forecasting associate director and meteorologist, said: “As we continue to see the prospect of El Niño becoming one of the strongest in decades, more and more effects will be apparent around the world.
“This is already true in the form of global drought losses, as several countries have endured a severe lack of rainfall and agricultural impacts. On the flipside, tropical cyclone activity in the Pacific Ocean maintained its torrid pace in August due to above-average sea surface temperatures and favourable atmospheric conditions.
“Multiple landfalling storms in Asia-Pacific left considerable damage, and more activity is expected as we enter the peak of the cyclone season,” he said.
Elsewhere during August, Super Typhoon Soudelor tracked through Saipan, Taiwan, and China causing economic losses in excess of $3.2 billion. Soudelor was followed by Typhoon Goni which wrought havoc in the Philippines, the Korean peninsula, and Japan, killing at least 70 people, damaging tens of thousands of homes and causing economic losses well into the hundreds of millions of dollars.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom