During the presentation of this month's macroeconomic outlook, Alex Contreras, the minister of Economy and Finance, stated that the probability of having a strong coastal El Niño by the summer of 2024 had increased and that they were already working on prevention measures to face this climate emergency. For example, more than S/ 219 million were allocated to the Agricultural and Irrigation Sector (Midagri) to face water stress, and up to S/ 21 million were allocated in interventions of the Comprehensive Plan for Reconstruction with Changes (PIRCC).
In 1983, the El Niño phenomenon strongly affected the Peruvian economy. It had such an impact on the country's economic activity that it took the economy about four years to recover. "We don't want history repeating. That's why we want to be ready to face this potential risk," he said.
At the beginning of the year, the Minister of Economy said that the El Niño phenomenon could affect the country's GDP by 1 or 2 percentage points. This implies that a natural disaster of the magnitude of 2017 would entail economic losses of up to 18,600 million Soles, approximately.
Source: agraria.pe
