Scientists are now warning we are in for some extreme weather over the next 12 months with the global "El Niño" exacerbating the impact of global warming. Expect more droughts, floods and cyclones.
Specialists interviewed by Wharton here say this is very much the future. We all better get used to it and that includes governments. It's not just global warming either but also more people living on coastal areas. In other words, more people are putting themselves in harm's way.
Wharton's Erwann Michel-Kerjan sums up the problem: "If you consider all disasters that happened somewhere in the world over the past 40 years — that is a long period of time, 40 years – all countries combined, of the top 25 most costly disasters for the insurance industry, two-thirds of them happened since 2001, and 12 of them here in the United States. That is pretty striking in terms of numbers, so whether you like it or not is not even the issue; the issue is yes, we have already entered this new era of catastrophes – that is point number one. Point number two: Now that we have recognized that, how do we move forward as policy makers, business people, or simply as citizens?"
That raises a number of questions. Who is going to pay? Should there be compulsory flood insurance? What role should governments, and organizations like the United Nations and World Bank play?
These are questions we need to start asking now. With extreme weather events now the new norm, it won't be long before people start demanding answers.
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