The combined destruction of property from hurricanes Irma and Harvey could range from $150 billion to $200 billion, according to a preliminary estimate from Moody’s Analytics.
Both in property damage and lost output, the Moody’s estimate puts the combined costs of the two catastrophic storms on par with Hurricane Katrina. Moody’s had previously estimated the total cost of Harvey between $86 and $108 billion. Irma is estimated to cost between $64 and $92 billion.
While some companies like Southwest Airlines and Sherwin Williams took a hit during Hurricanes Harvey, Irma, and Maria, other industries such as auto sales expect to see an increase in demand. Edmunds, which tracks car sales, is optimistic.
“We anticipate that the recovery from the recent hurricanes will give vehicle sales an incremental boost in September, and will likely continue to slightly lift the market in the months to come,” Jessica Caldwell, Edmunds executive director of industry analysis, said yesterday. “When you have hundreds of thousands of people affected by an event of this magnitude, not everyone will hit the market at once.”
Read more at CNBC.
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