Possible Outcomes
According to Gregory Ryskin, a sudden release of methane from the ocean may lead to either global cooling or global warming. The explosions and burning of methane would produce lots of smoke and dust, which would lead to global cooling. The methane and carbon dioxide would "create the greenhouse effect, which may lead to global warming". Professor Ryskin writes that it is "difficult to predict" whether global cooling or warming would result.
The evolution of dust and smoke, if it caused global cooling, would likely only last a short time before the particulates washed out of the atmosphere. Then the raised levels of methane and the derivative carbon dioxide would take over. The likely result would be an alternating series of extra cold and extra warm years, arguably more devastating to crop production than a trend in one direction or the other.
It may be possible to explain past marine extinctions by the scrubbing effect. If an inert gas is bubbled through water, the surface of each bubble acts as a semi permeable membrane. Gases diffuse across this membrane according to their concentration inside and outside the bubble. The result of bubbling methane through the ocean is to deplete the oxygen dissolved in the water, leading to ocean anoxia.
The consequences of a methane-driven oceanic eruption for marine and terrestrial life are likely to be catastrophic. Figuratively speaking, the erupting region "boils over," ejecting a large amount of methane and other gases (e.g., CO2, H2S) into the atmosphere, and flooding large areas of land. Whereas pure methane is lighter than air, methane loaded with water droplets is much heavier, and thus spreads over the land, mixing with air in the process (and losing water as rain). The air-methane mixture is explosive at methane concentrations between 5% and 15%; as such mixtures form in different locations near the ground and are ignited by lightning, explosions and conflagrations destroy most of the terrestrial life, and also produce great amounts of smoke and of carbon dioxide. Firestorms carry smoke and dust into the upper atmosphere, where they may remain for several years; the resulting darkness and global cooling may provide an additional kill mechanism. Conversely, carbon dioxide and the remaining methane create the greenhouse effect, which may lead to global warming. The outcome of the competition between the cooling and the warming tendencies is difficult to predict.
Read more about this topic: Clathrate Gun Hypothesis