African Bank Alerts for $20B El Niño Risks

The African Development Bank warns that the "Super El Niño" phenomenon is expected to cause economic losses ranging from $10 billion to $20 billion in the affected African countries. There is also a potential for massive displacement waves and increased climate pressures on agricultural and fishing sectors. This phenomenon, which could be among the strongest recorded if Pacific Ocean temperatures continue to rise, is causing severe droughts and floods that lead to reduced agricultural output and higher food prices. Additionally, farmers could face losses estimated at around $330 million, and the fishing sector may see a decline of 1-4%. The bank anticipates that Africa will need approximately $100 billion in 2024 to cope with the impacts of climate change, with the phenomenon expected to increase this requirement by $30 to $50 billion. There are concerns about large-scale displacement in several African countries, rising food prices, and increased competition for resources.

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