"Aid agencies are already stretched responding to the crises in Syria, South Sudan and Yemen. We cannot afford to allow other large-scale emergencies to develop elsewhere," Oxfam GB's Humanitarian Director Jane Cocking said.
Oxfam estimated that tens of millions more could face hunger, water shortages and diseases next year due to the El Nino weather system, which is expected to affect South Africa and Latin America.
"If the world waits to respond to emerging crises in southern Africa and Latin America, we will not be able to cope," Cocking said.
El Nino is a natural phenomenon that takes place every 7-8 years. It is blamed for extensive floods caused by storms and unusually warm spells.
This is likely to exacerbate food insecurity in southern Africa in February, with 10 million needing humanitarian assistance in Ethiopia alone. Millions more are expected to face food shortages in Guatemala, Honduras, El Salvador and Nicaragua.