35 pages, 4 figures.International audienceWe continue our study of the parabolic Anderson equation $\partial u(x,t)/\partial t = \kappa\Delta u(x,t) + \xi(x,t)u(x,t)$, $x\in\Z^d$, $t\geq 0$, where $\kappa \in [0,\infty)$ is the diffusion constant, $\Delta$ is the discrete Laplacian, and $\xi$ plays the role of a \emph{dynamic random environment} that drives the equation. The initial condition $u(x,0)=u_0(x)$, $x\in\Z^d$, is taken to be non-negative and bounded. The solution of the parabolic Anderson equation describes the evolution of a field of particles performing independent simple random walks with binary branching: particles jump at rate $2d\kappa$, split into two at rate $\xi \vee 0$, and die at rate $(-\xi) \vee 0$. We assume that $\...