Tags: Irene | Economy

Damage From Irene Appears Less Than Feared, but Losses Estimated at $7 Billion

Sunday, 28 Aug 2011 01:58 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — Insured damage from Irene will range between $2 billion and $3 billion, and the total losses probably will be about $7 billion, according to preliminary estimates by Kinetic Analysis Corp. a consulting firm.

Both figures are less than had been feared, a bit of reassuring news for a fragile economy.

Still, the long-term costs of Irene will likely grow as storm-ravaged areas deal with lost business, insurance claims, dislocated workers and transportation disruptions — costs that will take months to fully calculate .

The preliminary estimate from Kinetic Analysis, based in Silver Spring, Md., suggests that Irene will have caused far less insured damage than the $6 billion the industry paid out after Hurricane Isabel struck the East Coast in 2003.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Scott Brown: Sen. Shaheen Will Support Obama's Amnesty Plan

Tuesday, 21 Oct 2014 07:02 AM

New Hampshire Republican senate candidate Scott Brown attacked Democratic incumbent Sen. Jeanne Shaheen for publicly dis . . .

Democrats Love Seeing Minimum Wage on the Ballot

Tuesday, 21 Oct 2014 06:37 AM

As Democrats across the country make an election-year push to raise the minimum wage, they often point to fast food work . . .

Michelle Nunn Uses Bush Photo in Ga. Senate Campaign Ad

Tuesday, 21 Oct 2014 06:37 AM

Michelle Nunn, the Democrat running for a Senate seat in Georgia, is using a photo of former President George H.W. Bush  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved