In addition, according to Michel Jarraud, secretary-general of the U.N.'s World Meteorological Organization (WMO), the world is better prepared than before. He said the worst-affected countries are planning ahead and putting disaster management campaigns in place to save lives and minimize economic damage.

Worldwide, El Niño brings drier weather to Southeast Asia and Australia, with drought that can shrivel crops. India is having its first back-to-back droughts in nearly three decades, depressing its rice output and corn production, the government said in its latest crop forecast. In southeast Asia, the hot weather caused by El Niño could lower palm oil output and push prices up more than 13 percent by March or April, according to prominent industry analyst Thomas Mielke.

But the system could bring good news for insurers, according to Morgan Stanley, with fewer cyclones to damage property and lower payouts on car crashes in Australia, where more accidents occur in wet weather. "El Niños have historically been positive for insurers' reported earnings," said Andrei Stadnik, insurance and diversified financials analyst at Morgan Stanley Australia. In Texas, where El Niño may bring an unseasonal chill, Cabela's is hoping that it will help to shift old stocks of cold weather hunting gear. "If it gets cold and rainy or cold and snow, that's really great for our business," Tommy Millner, Caleba's chief executive, said on a call with analysts.

First « 1 2 » Next