Peru’s President Urges Preparations for ‘Unprecedented’ El Niño

The scale of Peru's fiscal mobilization — 22 decrees and roughly $580 million — signals that the government is treating El Niño as a macro risk, not a seasonal weather story. That matters for the country's copper and agricultural supply chains, and by extension for global metals and soft-commodity markets. The open question is execution: whether preventive work at the 500-plus critical risk points translates into avoided disruptions, or whether the funds largely go to emergency response after damage occurs.