The worst drought since at least 1952 is ravaging 60% of America. The drought first is an environmental disaster but it is also hammering our national economy. America's 2012 GDP will be cut by up to 1% as a result of drought costs of $75 billion to $150 billion. Amazing numbers!
Indeed, though already high, the economic cost of the drought is mounting higher. For example, the drought has caused barge traffic on the Mississippi river to lighten loads substantially and may even close a 200 mile section of the Mississippi River in the coming months.
Drought costs could well be more than three times the huge $50 billion hit caused by Sandy. Sandy and the epic drought are quite a one-two punch to economic growth.
None of this damaging, expensive weather surprises the climate models Those models years ago predicted rising sea levels, super storms as well as droughts in much of the area where the current drought is severest.