The Arctic Council has warned that warming in the Arctic could cause huge costs to the world economy.
Global warming has caused melting to the permafrost in the Arctic. It could inflict costs of up to $90 billion to the world economy, equivalent to NOK 770 billion, according to a new report from the Arctic Council.
By comparison, the world’s total gross domestic product was below NOK 600 billion in 2014.
The report was prepared by AMAP, a working group for environmental monitoring and investigation in the Arctic Council.
‘The Arctic warms faster than any other area on Earth, and the environment is getting hotter, softer and more varied,’ the 90 researchers involved with the report stated. The period from 2011 to 2015 was the hottest since measurements began in 1900.
‘Melting is happening even faster than we anticipated in 2011,’ said AMAP chief, Lars-Otto Reiersen.
The Arctic Council consists of the five Nordic countries, as well as Canada, Russia, and the United States.
Source: NTB scanpix / Norway Today