From http://math.ucr.edu/home/baez/physic...html#condensed
How can turbulence be understood and its effects calculated? One of the oldest problems of them all. A vast amount is known about turbulence, and we can simulate it on a computer, but much about it remains mysterious.
The Navier-Stokes equations are the basic equations describing fluid flow. Do these equations have solutions that last for all time, given arbitrary sufficiently nice initial data? Or do singularities develop in the fluid flow, which prevent the solution from continuing. This is more of a question of mathematical physics than physics per se--but it's related to the previous question, since (one might argue) how can we deeply understand turbulence if we don't even know that the equations for fluid motion have solutions? At the turn of the millennium, the Clay Mathematics Institute offered a $1,000,000 prize for solving this problem.