El Niño's Early Arrival Signals Record Heat and Extreme Weather in 2023.

The US National Oceanic and Atmospheric Administration (NOAA) has declared that an El Nino is now underway, which could lead to global economic losses of $3tn, according to a study published last month in the journal Science. El Nino fuels tropical cyclones in the Pacific and boosts rainfall and flood risk in parts of the Americas and elsewhere. This year's El Nino, coupled with excess warming from climate change, is expected to see the world grapple with record-high temperatures. Governments in vulnerable countries are taking note, with Peru setting aside $1.06bn to deal with El Nino's impacts and climate change, while the Philippines has formed a special government team to handle the predicted fallout.