Forget hackers, researchers say that a severe solar storm could shut down the US power grid for months and cause up to $2.7 trillion in damage in a new report from the Cambridge Centre for Risk Studies and American International Group (AIG).
Uncertainty swirls about the potential impact of “extreme space weather” such as coronal mass ejections (CME), or solar storms, on modern technology, according to the new report, called the Helios Storm Scenario. Researchers emphasize their studies should be considered a stress test, not a prediction, but examined three potential scenarios ranging in severity. The $2.7 trillion estimate reflects the most severe event, with all economic impacts included. Insured losses were found to be more in the range of $55 billion to $333.7 billion.
Read more at http://www.advisenltd.com/2016/08/02/extreme-space-weather-carries-trillion-dollar-risk-for-us-power-grid-report/
Erin Ayers, ‘Extreme space weather’ carries trillion-dollar risk for US power grid: report (August 2, 2016), available with subscription at Advisen Professional Front Page News.
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