Socio-economic hazards and impacts of space weather: the important range between mild and extreme (1507.08730v1)

Abstract: Society needs to prepare for more severe space weather than it has experienced in the modern technological era. To enable that, we must both quantify extreme-event characteristics and analyze impacts of lesser events that are frequent yet severe enough to be informative. Exploratory studies suggest that economic impacts of a century-level space hurricane and of a century of lesser space-weather "gales" may turn out to be of the same order of magnitude. The economic benefits of effective mitigation of the impacts of space gales may substantially exceed the required investments, even as these investments provide valuable information to prepare for the worst possible storms.