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If the peat bog dries out before the methane is released, it will be broken down to carbon dioxide, which is 20 times less warming than methane. It will add to global warming, but if the world realises just how dangerous the situation is and decided to phase out using fossil fuels over the next few decades and switch to renewables and nuclear (I know, but this is an emergency) for electricity and hydrogen for fuel (this week it was announced that somebody has finally found an efficient way to generate hydrogen from solar energy) then it might be possible to avert the worst. But I don't think even Europe, let alone America and China, is prepared to take such radical action. It would interfere with the economy, and that's more important to most voters and governments than the fate of the world decades from now.
If the peat bog releases 70 billion tonnes of methane, we're f*cked whatever we do.
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