(Image credit: NWS-Key West)
Meteorological spring begins a week from Sunday, but spring-like temperatures are already in place across the Florida peninsula, with some 90-plus readings in inland parts of South Florida.
In Broward County, Weston hit 90 and an observer near the Fort Lauderdale Executive Airport reported a high of 92.
In the Keys, Key West tied a 93-year-old high temperature record Monday with 84. And in Central Florida, Leesburg tied a record warm minimum temperature with 65.
Toasty temps are set to continue until Friday, when a cold front knocks temperatures back into the 60s and 70s for the weekend. until then, expect more record warm temperatures.
“Naples will have to be watched as the records there are mid to upper 80s and we will certainly be in that ballpark,” the National Weather Service said in its Tuesday discussion from Miami.
FINANCIAL STORM WARNING: There are plenty of pins that have the potential to pop the economic bubble that has been pumped up by artificially low interest rates set by world banks over the last 10 years. One of them is the spread of the coronavirus, which is already doing damage to the Asian economies.
Here’s another one: extreme weather.
A paper published Monday by experts at the University of California at Davis argues that there’s too much unpriced risk in the energy market due to weather-related events, especially excessively high temperatures.
“Unpriced risk was the main cause of the Great Recession in 2007-2008,” said author Paul Griffin, an accounting professor at the UC Davis Graduate School of Management. “Right now, energy companies shoulder much of that risk. The market needs to better assess risk, and factor a risk of extreme weather into securities prices.”
Excessive heat has the ability to impact agriculture, interfere with delivery of energy and water, and disrupt transportation.
“Despite these obvious risks, investors and asset managers have been conspicuously slow to connect physical climate risk to company market valuations,” Griffin said in the paper published by the academic journal, Nature Energy. “Loss of property is what grabs all the headlines, but how are businesses coping? Threats to businesses could disrupt the entire economic system.”
He added: “While proprietary climate risk models my help some firms and organizations better understand future conditions attributable to climate change, extreme weather risk is still highly problematic from a risk estimation standpoint,” he concluded in the article.
“This is because with climate change, the patterns of the past are no guide to the future, whether it be one year, five years or 20 years out. Investors may also normalize extreme weather impacts over time, discounting their future importance.”