Drought now affects twice as much land worldwide as it did 120 years ago, and the financial damage keeps climbing. By 2035, the average drought will cost 35% more than it does today, according to a press release from the Organization for Economic Cooperation and Development (OECD) published this week. The organization found that 40% of the planet now faces more frequent and intense dry spells, making coordinated government action urgent to cut losses.
Climate change drives much of this shift in weather patterns. Since 1980, over one-third of global land has lost moisture in its soil, while nearly two-thirds of monitored underground water sources have dropped since 2000.
See also: What is Climate-smart agriculture and how can it help developing countries cope with climate change?
The damage goes well beyond failed crops. Droughts hit trade, manufacturing, and power generation hard, while contributing to deaths and pushing more people into poverty and displacement.
“Co-ordinated policy action across levels of government, sectors and countries is needed to respond to growing drought risks,” said OECD Secretary-General Mathias Cormann. He pointed to water management and land protection as practical ways forward.
The OECD report shows that available solutions could mitigate the risks, if adopted on a larger scale.
Countries that prepare for drought instead of just reacting to it will protect their communities and economies better, according to OECD. The analysis concludes that prevention and adaptation strategies can limit financial damage and build resilience for the longer term.
