The current El Nino which began last year has been one of the strongest ever, leaving the Mekong River at its lowest level in decades, causing food-related unrest in the Philippines, and smothering vast regions in a months-long heat wave often topping 40 degrees Celsius.
Economic losses in Southeast Asia could top USD 10 billion, IHS Global Insight told AFP.
The regional fever is expected to break by mid-year but fears are growing that an equally forceful La Nina will follow.
"The situation could become even worse if a La Nina event -- which often follows an El Nino -- strikes towards the end of this year," Stephen O'Brien, UN under-secretary-general for humanitarian affairs and relief, said this week.
More From This Section
He said El Nino has already left 60 million people worldwide requiring "urgent assistance," particularly in Africa.
Wilhemina Pelegrina, a Greenpeace campaigner on agriculture, said La Nina could be "devastating" for Asia, bringing possible "flooding and landslides which can impact on food production."
Much of Asia has been punished by a bone-dry heat wave marked by record-high temperatures, threatening the livelihoods of countless millions.
Vietnam, one of the world's top rice exporters, has been particularly hard-hit by its worst drought in a century.
In the economically vital Mekong Delta bread basket, the mighty river's vastly reduced flow has left up to 50 percent of arable land affected by salt-water intrusion that harms crops and can damage farmland, said Le Anh Tuan, a professor of climate change at Can Tho University.