There was a noteworthy development about the Icelandic volcano Katla last week. There was a report late last week that there were two earthquakes at the volcano in just three hours. This was noteworthy development because increased earthquake activity is an early indication that the volcano may erupt soon. Katla is a far, far, far more dangerous volcano than Eyjafjallajökull, the current Icelandic volcano that is sending the giant plumes of ash into the atmosphere and disrupting European air travel. Here is a video comparing the explosiveness of Katla to Eyjafjallajökull: Link
The potential for a major eruption at Katla is something to closely watch because a major eruption has the potential to drastically change the world’s current situation.
Katla is capable of altering weather patterns which would alter temperatures worldwide and endanger crops. For example, a major eruption of Katla in the 18th Century altered weather patterns so much that it brought extreme global cooling. Crops would have difficulty adjusting to much cooler temperatures, reduced amounts of solar rays, and altered precipitation amounts.
- There was an interesting interview last month featuring a professorial weather forecaster who spoke about the impact Katla could have on global weather patterns if it were to erupt. Here is a link to the interview: Link
Katla could make European countries’ fiscal problems much worse. The ash that Katla is capable of generating could cripple European air travel far more than it was crippled a couple of months ago. A long-term slowdown in European air travel would have major impact on the European economy. In fact, economists estimate that a prolonged slowdown in European air travel could cost between 1% and 2% of GDP throughout Europe. The last thing European countries facing a fiscal emergency need is to lose between 1% and 2% of GDP because of an Icelandic volcano. This loss of economic activity could potentially be enough to trigger much greater economic and financial turmoil than what we see now. European countries’ debt would not go away, but these countries’ ability to repay their debt would be hampered.
Together, these effects could bring more famine and could cause increased amounts of political instability. Famine would obviously be something that we could see more of following an eruption of Katla because crops would likely be damaged by inclement weather and inclement conditions. Increased amounts of political instability could follow the eruption of Katla because there would be further financial and economic turmoil.
- Leaders would have to make even greater spending cuts than planned to get their fiscal situations under control. This could easily lead to Greek-type of rioting in many countries throughout Europe.
It is not a question of whether Katla will erupt, but a matter of when. The eruption of Katla would be very bad news to a world that is becoming more fragile each day to major calamities. Katla’s eruption would qualify as a major calamity.
