Tags: Hurricane Harvey | hurricane harvey | may be | most expensive | history

Harvey Might Be Most Expensive Storm in US History

Harvey Might Be Most Expensive Storm in US History
(AP)

By    |   Wednesday, 30 August 2017 10:01 PM

Harvey might be one of the most expensive natural disasters in the history of the United States, but putting an exact monetary figure on the storm that has lingered over Texas for days is difficult.

NBC News points out that there are two financial measurements in play: insured losses, which accounts for what insurance companies pay out, and the impact on the economy.

Both numbers are expected to be large, as more than 50 inches of rain have fallen on Texas since Harvey made landfall last Friday night as a category 4 hurricane. It has since been downgraded to a tropical storm and is now dumping rain on southwest Louisiana.

Texas and Louisiana are experiencing massive flooding, with thousands of homes under water and people stranded.

AccuWeather predicted Tuesday that Harvey ultimately could carry a $190 billion hit to the economy, which would make it the costliest storm in U.S. history. Hurricane Katrina in 2005 cost the economy an estimated $160 billion, while 2012's Hurricane Sandy cost $70.2 billion.

Insurance experts said most of the people whose homes were damaged in the floodwaters do not have flood insurance, so repairing the damage will be on them. Robert Hunter, the director of insurance at the Consumer Federation of America, thinks the out-of-pocket costs for homeowners with flooded homes could reach a record $28 billion.

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Harvey might be one of the most expensive natural disasters in the history of the United States, but putting an exact monetary figure on the storm that has lingered over Texas for days is difficult.NBC News points out that there are two financial measurements in play:...
hurricane harvey, may be, most expensive, history
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2017-01-30
Wednesday, 30 August 2017 10:01 PM
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