This is a complete disaster for alarmists.
Stay tuned for the next update (by April 9th, or earlier) to see where the MEI will be heading next. While La Niña conditions are guaranteed well into 2011, it remains to be seen whether it will indeed last into 2012, as discussed seven months ago on this page. I believe the odds for a two-year event remain well above 50%, notwithstanding the possibility of temporary weakening during boreal summer. During the next few months, the MEI may very well stay stronger than Niño 3.4 since the latter is not normalized to account for weaker variability during this time of year.