We use a dynamic general equilibrium model of the world economy to assess the economic implications of vulnerability from extreme meteorological events. In particular, we consider the impact of climate change on ENSO and NAO circulation patterns, and the implied variation on regional expected damages. Two effects are taken into account: (1) short-term impacts, due to changes in the demand structure, generated by higher/lower precautionary saving, and (2) variations in the regional economic growth paths.