El Niño events historically cost up to 5% of GDP, warns analysis

A retrospective analysis highlights that the 1982-1983 El Niño caused damages estimated at 5% of GDP, with the 1997-1998 event having an even greater impact. The report underscores the economic vulnerability to climate variability, though it does not specify current or forecasted El Niño conditions. This matters for assessing fiscal and economic risks in affected regions, particularly in Latin America.