The impact of drought on the economy is poised to grow

Therefore, drought-related economic losses are set to increase according to a study conducted by Aon Benfield, attaining about 8 billion EUR (8.8 billion USD) in 2015. The damage sustained by agriculture, alone, in California has been estimated at 3 billion EUR (3.3 billion USD).
El Niño may have a particularly significant impact on the drought in Oceania, Southeast Asia and Africa. This weather phenomenon is characterized by a warming of the water surface in the east-central Pacific area, which then affects the temperatures across the entire planet.