Signs are pointing toward a record-breaking El Nino this year, and experts say it may cause severe drought in Asia and other extreme weather across the world, threatening food security for millions of people. The event is also seen as potentially raising food prices globally.

El Nino is part of a natural climate cycle of warming ocean temperatures. This year's event is expected to bring new extremes of drought, heat waves, flooding and other climate-related disruptions in South America, Africa and Asia.

Southeast Asia is one of the world's most climate-vulnerable regions. The report says it is already beset by an energy crisis triggered by the war in Iran. El Nino is already fueling wildfires across farmland, depleting water supplies for major cities and hurting fish catches in the region.

Asian governments have been drawing on their financial reserves, according to the report. The impact will be felt differently across regions, but it is expected to jeopardize food security worldwide.