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Climate warming in the Arctic to cost world up to $370 billion in 2010

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Time to face it, it seems. A news byte has set alarm clocks ticking with the info that climate warming in the Arctic will cost the global economy billions of dollars in 2010 alone.

A study by US-based environmental advocacy organization Pew Environment Group says that warming of the Arctic will cost the global economy at least $2.4 trillion by 2050. It has been estimated that melting sea ice and permafrost coupled with dwindling snow cover would cost the world between $61 billion and $370 billion US in 2010. Alarming, isn’t it?

It has been forecast that the cost would jump to at least $2.4 trillion by the year 2050. The study is the first to put an estimated dollar value on global warming resulting from the Arctic’s declining ability to act as air conditioner of the planet, say reports. The prediction has been based on estimates as to how much the loss of snow, ice and permafrost would have on warming. The Arctic is believed to be warming at twice the rate of the rest of the world.

(Via CBC News)

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