People of the US have just had recovered from the previous storm. Today they are about to be hit by another storm that will not only bring destruction to some regions but will also result in huge economic losses.
It goes without saying that Hurricane Irma will cost billions of dollars to the people and companies whose property will be destroyed.
Catastrophe modeling companies are the ones that can calculate the estimated damage of the storm that is rushing through Florida these days. It has been stated that Harvey has taken no less than $100 billion. The number consists of both insured and uninsured losses.
Hurricane Irma hasn’t gone far behind by means of causing economic damage. The roughly estimated number can be up to $50 billion. In addition, the damage in the Caribbean can bring another $15 billion to the equation.
Disaster research group lead by Chuck Watson predicts that the economic state of Florida after the storm will leave much to be desired. As of Sunday, there have been observed come alterations in the storm’s path. It has gone north thus causing, even more, damage to the region. Unless the weather gets better, Irma will cost $172 billion worth of damage in total.
Had it not been for the storm in Texas, people wouldn’t have lost their jobs. Moreover, the storm has ruined all the chances for a short-term upturn in the economic cycle. Hurricane Irma will only make things worth. People are rushing to get an insurance thus causing even more panic.
Both hurricanes will have a great impact on the job market. Not long after the storm plenty of people get hired to do some repair works. This will result in the economic growth for a short period of time. However, the economic downfall will be coming roaring back eventually.