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Moody's Analytics has slashed its third quarter forecast for gross domestic product by half a point to 2.5 percent while predicting that damage from hurricanes Irma and Harvey might total between $150 billion and $200 billion.
In addition, the economy could suffer another $20 billion to $30 billion in lost output.
Moody - Chief - Mark - Zandi - CNBC
Moody's Chief Mark Zandi explained to CNBC that the estimate could change substantially in the future.
“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,” CNBC reported.
Moody - Growth - Efforts - Storms - Notes
“Moody's expects fourth-quarter growth to be boosted by rebuilding efforts from the two storms but notes in its report, ‘The economic fallout from the storms critically depends on how much insurance money and government aid flows to the impacted regions, and how quickly these funds get there,’” CNBC explained.
Hurricane Irma pounded heavily populated areas of central Florida on Monday as it carved through the state with high winds, storm surges and torrential rains that left millions without power, ripped roofs off homes and flooded city streets.
Irma - Hurricanes - Atlantic - Florida - Sunday
Irma, once ranked as one of the most powerful hurricanes recorded in the Atlantic, came ashore in Florida on Sunday and battered towns as it worked its way up the state.
Much of the state's east and west coasts remained vulnerable to storm surges, when hurricanes push ocean water dangerously over normal levels. That risk extended to the coast of Georgia and parts of South Carolina, the hurricane center said.
Officials - Light - Monday - Rescue - Efforts
Officials planned to wait until first light on Monday to begin rescue efforts and assess damage, the Miami Herald cited Florida Director of Emergency Management Bryan Koon as saying. He did not give any...
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