Published: 2017-09-11 14:41
Last Updated: 2017-09-11 17:33
AccuWeather estimated that it would cost $290bil (JD206bil) to repair damages caused by Hurricane Irma, which hit Florida on Sunday, and Hurricane Harvey which caused catastrophic floods in Texas last month. To put things in context, this is about 1.5% of the US’s gross internal revenue.
AccuWeather’s founder and chairman of its board, Joel Myers, said that estimations place Irma’s cost at $100bil, making it one of the most expensive hurricanes in history, whereas Harvey will be the most expensive hurricane in US history at $190bil.
Myers added that insurance companies would only incur a portion of the costs, but that large portions of the cost aren’t deductibles, such as costs incurred by people who were forced to evacuate their homes.
Disclaimer: This article is an edited translation from the Arabic Edition