Massive solar storm could cost the US $40 billion daily

By: Josh King, Veuer

In an event that occurs about once every one hundred years, Earth is due to be hit by a massive solar storm, according to researchers from the University of Cambridge's Center for Risk Studies.

A new study published in Space Weather says the financial losses incurred from widespread blackouts could cost the United States alone over $40 billion dollars daily.

A strong enough solar blast would shut down many of the nation's power grids, hand held devices like cell phones and even satellites.

The severity of the blackouts is up for debate with some experts saying they could last only a few hours while others believe they could last months.

In the United States, the manufacturing sector would be hit the hardest by the loss of power, followed by the government and financial institutions.

And since this study was focused on the U.S., to get a better idea of the global impact the researchers say, "there is a need to undertake further economic impact assessment including Europe and East Asia." Implying the impending storm could have near catastrophic results.