“It’s easy to overestimate the long-term economic impact because a lot of the short-term losses are recovered in the months after a storm,” Chuck Watson, the director of research and development at Enki Research told ABC News. “Our numbers represent what total costs will likely be looking back a year from now.”
Hurricane Harvey On Track To Be Second Costliest Storm in American History
While the worst of Hurricane Harvey has finally come to an end in Texas, many people are still suffering from the damages that were caused by the deadly storm. Now, officials are struggling to assess the full damage caused by the storm as data is pointing to Harvey being the second costliest storm in U.S. history. According to ABC News, Moody’s Analytics predicts the total cost of damage caused by Harvey to be at $108 billion in destruction.
ABC News Meteorologist, Melissa Griffin, confirmed that “the worst part of the storm is over” but that flood waters would take weeks to drain, and that in some areas downstream rivers are still rising.
Texas Governor, Greg Abbott, stated that the cost of Harvey could require federal support of about $125 billion while Texas’s oil and gas refineries are still struggling to get back up and running.