Upcoming destructive solar storm to cause damages worth 40 billion dollars

Upcoming destructive solar storm to cause damages worth $40bn

In a recent study published by Space Weather stated that the upcoming solar storm sometime in next decade would have an unfathomable destruction on human lives. Researchers working at the Cambridge Centre for Risk Studies at the University of Cambridge have estimated that a severe solar storm can cause damages worth $40 billion. A major part of this damage will be bore by the electricity generators and power grids.

Reports have stated that a blackout will happen that will vary from few hours to few months depending up on the severity of the solar storm. The study’s also states that the extreme blackout scenario would affect 66% of the U.S. population.

And such a solar flare or solar storm is not new to the planet Earth. In August 1859, such a solar flare was observed across the globe. People living in Queensland back then observed auroras which are highly uncommon for the location. Places near the equator like the Caribbean, the Rocky Mountains, Northern Africa, Hawaii, and even Colombia witnessed auroras. This event was known as “Carrington event” as it was first recorded by the English astronomer Richard C. Carrington.

Such an event at this point of our lives would mean losses in billions of dollars. Researchers have proposed that if only North USA is affected then the losses would mount up to $6.2 billion. If the solar flare affected 23 percent of the population of the planet then the total cost would be around $16.5 billion per day. There rates were calculated according to the value of the U.S. dollar in 2011.

Image Credit: wikipedia

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