- weather upheavals are likely to have devastating consequences on theglobal economy. This was revealed by a study by Lloyd's, elaborated together with exponents of the academic world of the United Kingdom and the United States. The study shows the economic and humanitarian consequences that could occur following meteorological upheavals, which risk revealing the full fragility of the global food system.
Indeed, according to the research, “the impact of El Nino, the spread of wheat rust in Russia and warmer temperatures in South America could lead to a four-fold increase in the prices of wheat, corn, soybeans and rice".
In addition to direct consequences, there would also be effects on the stock markets: “European markets could lose 10% of their value, while in the USA there could be a 5% fall in the stock market”. Adding to this scenario should also be considered the possibility of “food riots in urban areas across the Middle East, North Africa and Latin America, which would lead to wider political instability”.
According to the country manager of Lloyd's Italia, an opportunity to address the debate on weather disruptions and their consequences could be represented, from the Milan Expo, a meeting place where it would be possible to "raise the debate on how meteorological upheavals, in any of the main areas of global food production, could have devastating effects on businesses and communities around the world."
