Irma and Harvey are two of the most destructive storms ever hitting the United States. Their most devastating feature was combining their powers and taking over different parts of the country with just a two-week window between them. Harvey wreaked havoc in Texas while officials are still assessing the damages Irma did in Florida on Sunday. A new report indicated that despite this double disaster, the two hurricanes are not unprecedented natural calamities. On the contrary, Katrina was as expensive as both of Irma and Harvey combined.
Moody’s Analytics Came to the Conclusion that Harvey and Irma Are Not Unprecedented Natural Calamities
On Monday, Moody’s Analytics delivered a new report that aligned Katrina, Harvey, and Irma side by side for a thorough examination. The findings suggest that the latest Hurricane which was a Category 4 storm and engulfed Florida last Sunday caused damages valued at $64 billion to $92 billion. By comparison, Hurricane Harvey which even induced a landfall in Texas at the end of August will cost the economy an estimated total of $108 billion.
All in all, the firm’s chief economist, Mark Zandi, concluded that the two events do not represent some unprecedented natural calamities. Officials will probably estimate the damages both of them inflicted at a value between $150 billion and $200 billion.
Hurricane Katrina Was Estimated to Be as Costly as the Two Recent Hurricanes Combined
On the other hand, the report took a look at the costliest tropical cyclone the United States has ever recorded in its history, namely Hurricane Katrina. It reached the same Category 5 as Harvey did when it broke loose in the Gulf Coast in 2005. President George W. Bush among others was severely criticized for the way he responded to this natural disaster.
The raging storm caused landfalls, over a thousand of casualties, extensive property damage, and floods that withstood for weeks. The National Oceanic and Atmospheric Administration estimated the worth of the total of damaged goods at $160 billion in today’s dollars.
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