MNI: Canada Wildfires Near Record Damage, Smoke To New York

Jun-12 16:41By: Greg Quinn
Bank of Canada+ 2

Canada's wildfires are nearly as damaging as the summer of 2023's record with four times more destruction than the average over the last decade, and smoke drifting all the way from the Pacific coast towards New York City. 

Total area burned is 3.5 million hectares as of Wednesday, compared with the 10-year average of about 820,000 hectares, the federal Public Safety department said in a briefing Thursday. 

Much of Canada has been in a drought for more than two years and this summer there is "high probability of above normal temperatures for all Canadian regions" according to the presentation document. The fires have curbed production in Alberta's oilpatch and BOC Governor Tiff Macklem added that to the list of economic issues at his last rate decision on top of the U.S. trade war. (See: MNI INTERVIEW:BOC Still On Cut Path As GDP Falters- Ex Adviser)

"In August, wildfire activity is expected to continue to increase and persist to well above average conditions over much of western Canada, although it is too early to be certain" according to a statement from ministers including Tim Hodgson in the natural resources portfolio. 

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