In a nutshell:Canada's ongoing wildfires, which have already consumed 20 million acres and blanketed cities with smoke, are wreaking havoc on the economy. Previously, Canada seemed better positioned to handle climate change, but increasing volatility and extreme weather events are wiping out any potential gains. The economic impact of the current fires is yet to be determined, but it is expected to have a significant negative effect on Canada's economic growth. Key quote:“It’s come on faster than we thought, even informed people,” said Dave Sawyer, principal economist at the Canadian Climate Institute. We’ve always been concerned about this escalation of damages, but seeing it happen is so stark.”The big picture:The Canada wildfires not only pose a threat to the economy but also have severe health implications.

Source: New York Times July 04, 2023 16:16 UTC