Researchers at UC Merced conducted the report. They developed preliminary economic impacts estimates using surveys, hydrological information reviews, and remote sensing data gathered from different areas, including the Central Valley.
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Comparing them to average conditions and the 2012-2016 drought, researchers also estimate the drought caused the loss of more than 8,700 jobs.
Researchers are now pushing for better tools to anticipate drought while minimizing the socio-economic impacts, including higher prices at the grocery store.
VIDEO: Water officials warn low Sierra snowpack level is 'one step short of catastrophe'
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Official: Bleak snowpack survey is 'one step short of catastrophe'