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An explanation is proposed for the damping of short ocean gravity waves during rainstorms associated with the injection of air bubbles by rain drops. It is proposed as one of the possible explanations that ascribe to rain a calming effect on ocean surface waves. A model is developed that shows how wave attenuation increases with the presence of air bubbles in the upper reaches of the ocean. The model makes predictions of the effective wave dissipation coefficient, as a function of the volumetric ratio of air to water, as well as of the rain rate. The model predicts dissipation rates that are in line with experimental estimates of the effective wave damping rate.