Blackouts can cause disruption not only in homes, but in many industries as well. A blackout could already have much effect in the economy. Extreme blackouts could cost as much as $40 billion daily.
Blackouts can be caused by a number of things. One of those causes could be a solar storm. A solar storm hitting the Earth would cause widespread catastrophe as many electronic gadgets and equipment would be affected. A widespread blackout can hit areas that are directly affected by it.
A solar storm induced blackout is an extreme event that has been studied by the American Geophysical Union. Researchers as well from other institutions took part in the study. These include researchers from the Cambridge Centre for Risk Studies from the University of Cambridge Judge Business School and British Antarctic Survey Researchers from the British Geological Survey and the University of Cape Town also joined.
The study has focused on an extreme blackout scenario. This would affect many industries both directly and indirectly. Daily economic loss in such an event could be as much as $41.5 billion daily affecting as much as 66 percent of the population in the US. Indirectly also supply chains would be affected with an additional $7 billion daily loss, according to the American Geophysical Union's site.
Some experts are divided as to how severe the effects would be in such a scenario. Some see that the blackout could last for only a few hours to a few days. Others though see that it might take weeks or even months for areas to recover, as electrical components and equipment might be damaged and need to be replaced.
Such events have already happened in the past. In 1989 a geomagnetic storm has hit Quebec and caused a blackout that lasted for nine hours. A similar event in 1859 known as the Carrington event has happened. A study in 2012 has shown that an event like that happening has a 12 percent probability in the next decade, as Science Daily reports.
Extreme blackouts could happen even if the chances are quite slim. Preparation is essential in dealing with events that could have great impact on society. Extreme blackouts could cost as much as $40 billion daily. A galaxy killer is also being investigated by scientists.
