Such interesting little guys!
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They are very spectacular looking indeed. The good thing is we have many birch trees - they grow on their own in the wild and provide no harvest. But what if those guys did attack our apple tree and increased in number like the Mongol horde? Then I'd not keep my peace as I do now.
If they are a normal art of the ecosystem, I wouldn't worry. Also, caterpillars that eat all the leaves later in the season do less damage than those that destroy buds and developing leaves. We have species that strip tree leaves here but it does no major harm to the tree