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Harvey, Irma : the bill could reach $ 290 billion

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11 September 2017, 14:30

Satellite Photo of the September 10, 2017 | Photo : NASA/NOAA GOES Project

In the following passages destructive hurricanes Harvey and Irma, 2017, will be remembered as the hurricane season in all the records. This is the first time in the history that two hurricanes of category 4 or higher hit the american continent in the same year.

For dr. Joel N. Myers, founder and CEO ofAccuWeather, the damage related to the passage of these two phenomena could lead to economic losses of 290 billion u.s. dollars (G$), or$ 100 billion for Irma and 190 G$ for Harvey.

1.5% of the u.s. GDP

«We believe that the estimation of the damage of Irma is about$ 100 billion, among the ranks of the hurricane the most costly of all time. This represents a 0.5 percentage point of GDP 19,000 billions of dollars,» said Mr. Myers.

Also, AccuWeather has estimated that hurricane Harvey was to be the weather disaster the most expensive in the history of the United States, 190 G$, that is, within a percentage point of total u.s. GDP.

«AccuWeather anticipates that these two catastrophes amounted to 1.5 percentage points of u.s. GDP, which is roughly equivalent to the natural growth of the u.s. economy for the period from mid-August to the end of the fourth quarter,» said Mr. Myers.
 

The evolution of the trajectory of Irma (NASA)

In addition to the loss of traditional (damage to homes, property and persons), the economic losses as calculated by AccuWeather also take account of the interruption of business enterprises, the increase of the unemployment rate for weeks, and maybe months in some places, damage to transport, infrastructure, loss of harvest (cotton and orange), or again, of the increase in gas prices.

«Some of the losses will be covered by the insurance, others will not, so that the losses will be felt in various ways by millions of people. Many have been evacuated, so that their lives have already been affected, and generating a cost one way or another, » concluded Mr. Myers.

 

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