Space weather describes the way in which the Sun, and conditions in space more generally, impact human activity and technology both in space and on the ground. It is now well understood that space weather represents a significant threat to infrastructure resilience, and is a source of risk that is wide-ranging in its impact and the pathways by which this impact may occur. Although space weather is growing rapidly as a field, work rigorously assessing the overall economic cost of space weather appears to be in its infancy. Here, we provide an initial literature review to gather and assess the quality of any published assessments of space weather impacts and socioeconomic studies. Generally speaking, there is a good volume of scientific peer-reviewed literature detailing the likelihood and statistics of different types of space weather phenomena. These phenomena all typically exhibit "power-law" behavior in their severity. The literature on documented impacts is not as extensive, with many case studies, but few statistical studies. The literature on the economic impacts of space weather is rather sparse and not as well developed when compared to the other sections, most probably due to the somewhat limited data that are available from end-users. The major risk is attached to power distribution systems and there is disagreement as to the severity of the technological footprint. This strongly controls the economic impact. Consequently, urgent work is required to better quantify the risk of future space weather events.

An accurate understanding of space weather socioeconomic impact is fundamental to the development of appropriate operational services, forecasting capabilities, and mitigation strategies. One way to approach this problem is by developing physics‐based models and frameworks that can lead to a bottom‐up estimate of risk and likely impact. Here we describe the development of a new framework to assess the economic impact of space weather on power distribution networks and the supply of electricity. In particular, we focus on the phenomenon of the geomagnetic substorm, which is relatively localized in time and space, and occurs multiple times with varying severity during a geomagnetic storm. The framework uses the AE index to characterize substorm severity, and the impact of the substorm is modulated by the resilience of the power grid and the nature of available forecast. Possible scenarios for substorm sequences during a 1‐in‐10‐, a 1‐in‐30‐, and a 1‐in‐100‐year geomagnetic storm events are generated based on the 2003, 1989, and 1859 geomagnetic storms. Economic impact, including international spill over, can then be calculated using standard techniques, based on the duration and the geographical footprint of the power outage. Illustrative calculations are made for the European sector, for a variety of forecast and resilience scenarios. However, currently available data are highly regionally inhomogeneous, frustrating attempts to define an overall global economic impact at the present time.

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A recent EC directive has called for all member states to introduce legislation covering the assessment and restriction of air crew exposure to cosmic radiation. In the UK the Civil Aviation Authority, in conjunction with the Department of the Environment. Transport and the Regions issued guidelines suggesting the use of a predictive code such as CARI for this purpose. In order to validate the use of calculated route doses, an extensive programme of measurements is being carried out on long haul routes in conjunction with Virgin Atlantic Airways, using a prototype HAWK TEPC developed by Far West Technology. This programme began in January 2000 and by the end of February 2001 had resulted in the accumulation of data from 74 flights. In this paper the instrument design is discussed, together with the calibration programme. An overview of the in-flight results is also presented, including comparisons between measurements and calculations, which indicates that CARI under-predicts the route doses by approximately 20%.