Harvey's financial toll: $80 billion so far in damage, second only to Katrina
By Heather Long September 1 at 10:51 AM
Hurricane Harvey is now the second most destructive storm in U.S. history, behind only Hurricane Katrina. The devastation is massive: 46 dead and an estimated $80 billion in damage — so far.
Harvey could end up being the most expensive of all. It depends on what happens in the coming weeks. The longer homes stay flooded and businesses remain closed, especially the major oil refineries that supply a substantial amount of the country's gasoline, the bigger the hit to Texas and the entire U.S. economy.
Gas prices are at the highest level in two years after Harvey shut down 20 percent of U.S. refining capacity. Americans across the country are seeing a hit to their wallets from the added costs, and the country might not be able to export oil for a while.
“This was a worst case situation,” says Chuck Watson, head of Enki Research, a company that forecasts natural disasters. His latest estimate is an $80 billion price tag for Harvey, double his initial prediction. The vast majority of that bill will be paid by taxpayers, since private insurance rarely covers flooding.
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https://www.washingtonpost.com/news/wonk/wp/2017/09/01/harveys-toll-80-billion-so-far-in-damage-second-only-to-katrina/?hpid=hp_hp-top-table-main_harveytoll-10a-1%3Ahomepage%2Fstory&utm_term=.d28d71c5186e