The Economic Impact of Avian Flu

is discussed here.

CLSA Asia-Pacific Markets, the Asian investment banking arm of Crédit Agricole of France, estimated in a report on Monday that the disease had already cost Asian nations $8 billion to $12 billion, mostly from the deaths or destruction of 140 million chickens and other poultry. But the cost would be greater if the disease gained the ability to spread easily from person to person, a possibility that is not factored into current stock and other asset prices, said Christopher Wood, CLSA's chief equity strategist.

"the cost would be greater" may qualify as understatement of the year.

While I don't think this will be as bad in the US as some are predicting, it could be bad in Asia where there is less capacity for sophisticated medical care. Or it might just die out with a couple hundered human cases.