There is still a debate as to what precipitated the "Great Dying" 251 million years ago when 90% of species became extinct. It is agreed upon that there was massive vulcanism but as to whether this was caused by a meteorite is still debated.
New Evidence Says Earth’s Greatest Extinction Caused By Ancient MeteoriteThe Siberian Traps represents one of the largest flood basalt provinces on Earth and erupted 251 million years ago over a time interval of about 900,000 years. The eruptions spewed 2-3 million cubic kilometers of basalt lava, covering 3.9 million square kilometers to a depth of 400 to 3000 meters. It was so large and violent that it could have caused worldwide atmospheric contamination by injecting vast amounts of dust and sulphate gases into the atmosphere. The world climate could have been affected with the addition of volcanic gasses in the atmosphere.
In May 2004 announcement was made that the Permian killer crater may indeed have been found. Marine geophysics surveys off the northwest coast of Australia turned up a distinct anomaly buried under shallow seas that was promising enough to drill two deep holes in search for oil (several impact craters have served as petroleum traps). A competing event, in some ways superior because of size, has been announced as a leading candidate of the Killer Crater. This - as yet unnamed - lies under 1.5 km of ice in Wilkes Land in the Antarctic.
Impact CratersScienceDaily (Oct. 29, 2010) — More than 251 million years ago, at the end of the Permian period, Earth almost became a lifeless planet. Around 90 percent of all living species disappeared then, in what scientists have called "The Great Dying."
Thomas J. Algeo, has spent much of the past decade investigating the chemical evidence buried in rocks formed during this major extinction. The University of Cincinnati professor of geology has worked with a team of scientific colleagues to understand the ancient catastrophe. Algeo will present his latest findings at the annual meeting of the Geological Society of America, Oct. 31 to Nov. 3, in Denver.
The world revealed by Algeo's research sounds horrific and alien -- a devastated landscape, barren of vegetation, scarred by erosion from showers of acid rain, huge "dead zones" in the oceans and runaway greenhouse gases leading to sizzling temperatures. This was Earth, 251 million years ago.
Tracking Evidence of 'The Great Dying'