Hurricane Katrina: Costliest natural disaster in US history in numbers — RT America. In addition to the human cost of 1,836 lives lost and over one million people displaced in the Gulf Coast region, Hurricane Katrina had staggering impact on the local economy and was the costliest natural disaster in United States history.
All in all, the total damage from the calamity was estimated at $150 billion by Professors Mark Burton and Michael J. Hicks. Damage to homes alone accounts for about $75 billion of that. WHATCH RT America's special coverage at 4 PM EST/ 8 PM GMT. How Hurricane Katrina's costs are adding up - Business ... It will be months -- or even years -- before the cost of Hurricane Katrina is fully known, but insurance industry experts are refining their estimates and agree losses will far exceed $100 billion, making it the nation's costliest natural disaster.
Loading stock quotes… Major Market Indices. Katrina Cost May Exceed 4 Years of War. WASHINGTON — One storm could end up costing almost as much as two wars.
Although estimates of Hurricane Katrina's staggering toll on the treasury are highly imprecise, costs are certain to climb to $200 billion in the coming weeks. The final accounting could approach the more than $300 billion spent in four years to fight in Afghanistan and Iraq. Analysts inside and outside government agree that the $62 billion that Washington has spent so far was merely the first installment of perhaps an unparalleled sum.
"I cannot put a cost figure on it," Vice President Dick Cheney said Thursday in a visit to the hard-hit states. The government never has dealt with a disaster of this scale: 90,000 square miles of the Gulf Coast affected, with hundreds of thousands of people displaced and an entire metropolitan area under water. 1.1 a Geofile Katrina Aftermath. Katrina's Economic Impact: One Year Later. When Hurricane Katrina devastated New Orleans and the Gulf Coast last summer, it caused immediate and significant damage not only to that region's economy but to the country's as well.
But one year later, the nation's economy has absorbed the shock from the storm and returned to growth mode. But many in the hurricane's path weren't so lucky. The Workforce and Economic Recovery: Effects of Hurricane Katrina. The estimated $100 billion in damages from Hurricane Katrina in August 2005 is just one gauge of the hurricane's economic effect.
Another important consideration is its effect on labor markets. Natural disasters usually involve temporary disruptions to the local economy through direct and indirect effects on local infrastructure, business structures and other business capital, residences, and the population, especially the workforce. Decisionmakers who are guiding economic recovery in the Gulf States and those who must consider how to handle future disasters need to know how Katrina affected local employment levels generally and how it affected workers and their jobs, including, more specifically, those displaced to other regions. The CPS also provides an opportunity that has not been available in research on other natural disasters — to go beyond aggregate measures of labor market indicators to examine outcomes for individuals directly affected by the hurricane.
Katrina's effect on markets and the economy - Sep. 2, 2005. NEW YORK (CNN/Money) - As evacuation efforts continue in New Orleans and surrounding areas, Wall Street is looking at how Hurricane Katrina will affect business, the markets and the economy.
Here's the latest news on how they are responding, and what market watchers should look for in the coming weeks. The economy New estimates are that Katrina could cost $100 billion, making it the costliest hurricane to ever hit the United States. (Full story) Katrina damage estimate hits $125B. Katrina damage estimate hits $125B NEW YORK (AP) — Hurricane Katrina caused at least $125 billion in economic damage and could cost the insurance industry up to $60 billion in claims, a leading risk assessment firm said in updated estimates Friday.
That's significantly higher than the previous record-setting storm, Hurricane Andrew in 1992, which caused nearly $21 billion in insured losses in today's dollars. Risk Management Solutions of Newark, Calif., said its revised damage figures reflect, in part, the ravages of heavy flooding in New Orleans, which has prompted officials to try to evacuate the city.
53572. Katrina's Economic Impact. The storm that ruptured the roof of the Louisiana Superdome is also putting a dent in the nation's economy.
Even as rescuers pushed Wednesday to contain a mounting death toll and help stranded residents in the ravaged Gulf Coast, hurricane Katrina's financial impact was also emerging as an issue that reaches far beyond Louisiana levees or Alabama inlets. Whether that cost proves to be relatively modest -- shaving perhaps 0.5 percentage points off of an economy growing at a 3.3 percent pace -- or a more severe shock depends on one key factor: energy. The Bush administration moved Wednesday to open the nation's Strategic Petroleum Reserve to help ease looming supply shortages. "This is more significant," says economist John Silvia of Wachovia Corp., a banking giant in the region. And if supply disruptions prove difficult to fix quickly, "it's a very big complication.