The worldwide impacts of a rapidly warming Arctic could cost the global economy an estimated $60 trillion, nearly equal to the entire global economy in 2012, according to a new study, reports Andrew Freedman at Climate Central. That report, published recently in the journal Nature, is the first to analyze the potential economic costs of rapid Arctic warming. The study bluntly warns that the tendency for policymakers to focus solely on the benefits of an increasingly open Arctic Ocean — like increased mining, oil and gas drilling, and maritime shipping — misses the longer-term “economic time bomb.” The Arctic region, the study said, is “pivotal” to the functioning of the global climate system. Disrupting it will not come cheaply. The authors derive their huge cost from the damage arising from the possible massive release of methane, a very potent, short-acting greenhouse gas, as vast frozen deposits melt from 2015 to 2025. The cost outweighs by far any possible economic advantages of an ice-free Arctic. Furthermore, the study doesn’t even include the increase in global warming from the looming total loss of summer Arctic ice, a major heat shield for the planet.
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also the study: http://www.nature.com/nature/journal/v499/n7459/pdf/499401a.pdf
also: Huge methane belch in Arctic could cost $60 trillion. Billions of tonnes of the greenhouse gas methane are trapped just below the surface of the East Siberian Arctic shelf. Melting means the area is poised to deliver a giant gaseous belch at any momentâ€¯ – one that could bring global warming forward 35 years and cost the equivalent of almost a year’s global GDP. New Scientist