Hurricane Helene devastation could cost up to $34B, Moody's says
Rep. Greg Murphy, R-N.C., details the devastation caused by Hurricane Helene and the impact of the storm on the upcoming presidential election.
Hurricane Helene brought a path of devastation to several states in the Southeast in recent days, which a preliminary estimate by Moody's Analytics says could carry an economic cost in the tens of billions of dollars.
At least 106 people have been confirmed dead across Florida, Georgia, South Carolina, North Carolina, Virginia and Tennessee after Helene made landfall in Florida's Big Bend region as a Category 4 hurricane late Thursday. Helene brought winds of up to 140 mph and a devastating storm surge, as well as torrential rain and historic flooding to inland areas in the Southeast.
«It remains far too early to assign a precise cost to Helene,» Moody's Analytics wrote Friday, noting it will release a more precise estimate in the coming weeks. «But based on what is known about the storm so far, there is enough information to produce a preliminary lost output and damage figure.»
FLOODING ISOLATES NORTH CAROLINA COMMUNITIES AS HELENE'S DEATH TOLL RISES ABOVE 100 ACROSS SOUTHEAST
The preliminary analysis by Moody's Analytics estimated that Hurricane Helene caused property damage in the range of $15 billion to $26 billion, though it noted there was more uncertainty in the property damage estimate. Economic disruptions caused by school and office closures were estimated as costing $5 billion to $8 billion in lost output. That brings the total preliminary cost estimate to a range of $20 billion to $34 billion.
Communities in western North Carolina like Asheville have been hit especially hard by flooding brought on by Helene's torrential rains. (Photo by Melissa Sue Gerrits/Getty
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