Allianz warns super El Nino may cost $451 billion globally
A new Allianz Research report warns that a Super El Nino climate event might hit the global economy hard, causing $451 billion in losses by 2027.
India, the US and China are set to take the biggest hits, together making up nearly 60% of that total.
The phenomenon starts over the Pacific Ocean and disrupts weather patterns worldwide, leading to serious drops in productivity.
India could lose around $50 billion
India could lose around $50 billion alone, while South Korea and Indonesia may see even bigger hits relative to their economies.
The European Union is also expected to lose about $24 billion.
On top of that, Allianz says this Super El Nino could push up global inflation by 0.42% points and food prices by 0.65% points, a reminder of how climate shifts can quickly show up in our wallets.