Researchers: Ongoing drought to cost California $2.74B

California's ongoing drought will cost the economy in the most populous U.S. state an estimated $2.74 billion in 2015 and lead to the loss of 10,000 seasonal farm jobs, despite overall health in the state's agricultural sector, researchers said.

University of California agricultural economists say the drought - which is entering its fourth year - hurt the state's economy last year to the tune of $2.2 billion, according to Reuters.

"If a drought of this intensity persists beyond 2015, California's agricultural production and employment will continue to erode," said co-author Josue Medellin-Azuara, a water economist with the UC Davis Center for Watershed Sciences.

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