Business

Economic cost of Harvey, Irma could be US$290 bn: forecaster

Friday, September 15, 2017

Print this page Email A Friend!


WASHINGTON, United States (AFP) — The combined economic cost of Hurricanes Harvey and Irma could reach US$290 billion, equivalent to 1.5 per cent of the US gross domestic product, US forecaster AccuWeather said in a report Sunday.

“We believe the damage estimate from Irma to be about US$100 billion — among the costliest hurricanes of all time,” said the firm's CEO and Founder Joel Myers.

Harvey, which battered Texas and parts of Louisiana in late August, will be “the costliest weather disaster in US history at US$190 billion or one full percentage point of GDP” which stands at US$19 trillion.

The report said it arrived at the figure by calculating disruptions to business; increased unemployment rates for significant periods of time; damage to transport and infrastructure; crop loss including a 25 per cent drop of orange crop; increased costs of fuels including gasoline, heating oil and jet fuel; household damage and loss of valuable documentation.

Only a fraction of the losses would be covered by insurance, said Myers.

Irma struck the Florida Keys archipelago earlier Sunday before barrelling north, bearing down on the city of Tampa on the west coast of the Florida peninsula and crossing to the east coast.

Harvey made landfall in Texas in late August, causing severe damage to property and paralysing the country's fourth-largest city, Houston, with major flooding.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT