Financial impact of Hurricane Harvey projected at $160bn

30 August 2017 12:39 Source:ICIS News

LONDON (ICIS)--Hurricane Harvey will be the most-costly natural disaster in US history, with the impact expected to be around $160bn, US-based forecaster AccuWeather said on Wednesday.

“This will be the worst natural disaster in American history,” said AccuWeather chairman Joel Myers.

“The economy’s impact, by the time its total destruction is completed, will approach $160bn, which is similar to the combined effect of Hurricanes Katrina and Sandy.”

According to the statement, the $160bn figure represents “8/10 of one percent of the gross national product or GDP”, with GDP in the US currently standing at $19,000bn.

Myers stressed the importance of the need for business leaders and the Federal Reserve to begin factoring in the negative impact the disaster will have on business, corporate earnings and employment as “the disaster is just beginning in certain areas”.

“AccuWeather cautions that the negative impact from the storms are far from over. There will be more flooding, damage, fatalities and injuries,” Myers said.

“We urge all citizens near the path of Hurricane Harvey to remain vigilant and be prepared to take immediate action if flood waters rise.”

Click here to see more ICIS stories about the on-going events in Texas.

By Niall Swan