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AfDB warns ‘super’ El Nino could cost Africa $10 billion to $20 billion
The AfDB climate expert said the shock could cut heavily affected countries' GDP by 1.0% to 2.0% on average and strain government finances and banking amid disaster damage and loan repayment challenges.
An impending ‘super’ El Nino could inflict between US$10 billion and US$20 billion in combined damage across affected African countries, and also trigger mass migration, the African Development Bank's top climate expert said, according to SCMP Economy.
Anthony Nyong, the AfDB director for climate change and green growth, warned that if Pacific Ocean warming trends continue, the El Nino pattern could become one of the strongest ever seen, worsening droughts, flooding, and storms that would threaten food and water security.
Nyong said the event is expected to reduce heavily affected countries' GDP by 1.0% to 2.0% on average, which he equated to about US$10 billion to US$20 billion across the continent.
He added that disasters could undermine government finances and the banking sector by damaging infrastructure and leaving cash strapped countries struggling to repay connected loans, Reuters reported.