In 2005, British researchers noticed that the net flow of the northern Gulf Stream had decreased by about 30% since 1957. Coincidentally, scientists at Woods Hole had been measuring the freshening of the North Atlantic as Earth becomes warmer. Their findings suggested that
precipitation increases in the high northern latitudes, and polar ice melts as a consequence. By flooding the northern seas with lots of extra fresh water, global warming could, in theory, divert the Gulf Stream waters that usually flow northward past England and Norway, and cause them to instead circulate toward the equator. If this were to happen, Europe's climate would be seriously impacted.
http://en.wikipedia.org/wiki/Thermohali ... al_climate
However, a thermohaline circulation shutdown could have other major consequences apart from cooling of Europe, such as an
increase in major floods and storms, a collapse of plankton stocks, warming or rainfall changes in the tropics or Alaska and Antarctica (including those from intensified El Niño effect), more frequent and intense El Niño events, or an oceanic anoxic event (oxygen (O2) below surface levels of the stagnant oceans becomes completely depleted — a probable cause of past mass extinction events).
http://en.wikipedia.org/wiki/Shutdown_o ... irculation