Extreme weather events and crop price spikes in a changing climate
Agriculture is highly sensitive to climate variability and weather extremes. Various impact studies have considered the effects on global food production and prices of projected long-run trends in temperature, precipitation and CO2 concentrations caused by climate change. But an area that remains underexplored is the impact on food prices that may result from an expected increase in the frequency and intensity of extreme weather events. This study uses a global dynamic multi-region computable general equilibrium (CGE) model to explore the potential impacts on food prices of a number of extreme weather event scenarios in 2030 for each of the main exporting regions for rice, maize, and wheat.