The effects of the El Nino/ El Nina pendulum haven't really become economic yet but unfortunately Australia has exposure to the Pacific and Indian Ocean rims.
One thing going for us, especially Queensland, is the water grid. The yanks haven't woken up to that reality and probably won't until Los Angeles becomes a dust bowl.
There is a smart way to manage water over the extreme periods that appear to be the norm now and worsening in intensity. Large cities and agriculture are at risk without sensible management plans. Central USA and Russia in real danger of water deficiency which will reduce grain production and increase farm gate prices. I remember some years back riots in the Philippines because a shortage of rice put the price up by ~50%. Should those countries that grow 'wet' grains suffer rain deficiencies at the same time as grain exporting countries experience drought then the effects would be global.
Certainly get universal suffrage for dealing for climate change but also the acceptance of the effects of climate change on global food production and the economic effects, demographic shifts (non urban to urban and geopolitical implications.
My understanding is that there will still be around the same amount of global rainfall but that some areas will get less rain and become drier and other areas will have more rainfall flooding more available land as populations move into those areas.
Also interesting is that from 2005 to 2030 governments had agreed to keep temperature growth to 2 degrees. So far present growth is .9 degrees so by 2030 we'll probably overshoot the mark by one or two degrees.
Planning of future water resource use must start now.
