Danish Bank Warns Coming 'Solar Flare' Will Inflict $2 Trillion in Global Damage
X-Class solar flare could ignite chaos worldwide
A top Danish Saxo Bank has predicted that the X-Class solar flare will cause $2 trillion in damage worldwide, igniting chaos across the globe.
The bank, which is known for making ‘wild’ predictions and publishes them every December, is not meant to be taken seriously, however, in the context of the recent solar flares, could they be crying wolf?
Only last month, we reported that the British government agency - the UK Met Office- warned solar storms could produce massive blackouts due to the intense magnetic fields, destroying electronics and even setting them on fire.
storm watch for a G2-level solar storm has been issued by the National Oceanic and Atmospheric Administration (NOAA) - which is a moderate storm on the 5-level scale, with G5 being the highest, according to science alert.
We are now heading towards a solar minimum, the least active period of the Sun’s 11-year cycle, meaning there will be fewer sunspots, coronal mass ejection, and solar flare activity.
Back to the bank's 'outrageous' prediction:
“In 2019, as Solar Cycle 25 kicks into gear, the earth isn’t so lucky, and a solar storm strikes the Western hemisphere, taking down most satellites on the wrong side of the earth at the time and unleashing untold chaos on GPS-reliant air and surface travel/ logistics and electric power infrastructure,” it reads.
The bank's analysts claim the earth had a narrow escape in 2012 when the planet avoided a large multi-X-class flare by a matter of weeks as its Coronal Mass Ejections flooded the earth’s orbital path.
The 'joke' report also claims the large will come with a high price tag of at least $2 trillion.
The figure is 20 percent less than the worst-case scenario predicted by a Lloyds-sponsored study which examined the possible financial risks from solar storms back in 2013.
Despite the banks 'predictions' being 'tongue in cheek' Saxo Bank sometimes gets it right.
Last year, the bank predicted the huge Bitcoin slump.