Economic Damage Wrought By Hurricane Florence Nearly 10 Times Worse Than Expected

Economic Damage Wrought By Hurricane Florence Nearly 10 Times Worse Than Expected

Economic Damage Wrought By Hurricane Florence Nearly 10 Times Worse Than Expected

Rivers in the Carolinas are still rising and North Carolina Gov. Roy Cooper has warned that it still isn’t safe for displaced residents to return to their property. But that hasn’t stopped Moody’s from releasing the first estimate of the economic damage wrought by Hurricane Florence.

According to the Wall Street Journal, the ratings agency’s estimates put the total economic toll at somewhere between $38 billion and $50 billion – more than double an initial estimate of between $8 billion and $20 billion from Goldman Sachs and S&P. And nearly ten times CoreLogic’s initial estimate of between $3 billion and $5 billion.

If damages reach the upper end of that range, it would leave Florence in seventh place among the biggest storms, just after 1992’s Hurricane Andrew, according to Moody’s estimates.

Florence

Notably, the expected toll is lower than each of last year’s three major hurricanes:

Based on Moody’s estimates, last year’s three hurricanes each caused more damage than Florence: Harvey’s tally reached $133.5 billion; Maria’s $120 billion; and Irma’s $84.2 billion.

Still, the storm has continued to wreak havoc in the region as the death toll has risen to 41. Rivers in the Carolinas have continued to rise, and rescues are still being carried out by first responders. Meanwhile, water levels for the Cape Fear River are expected to peak on Saturday:

Florence, which made landfall Sept. 14 and has claimed 41 lives in the Carolinas and Virginia, is continuing to wreak havoc. Rivers in the Carolinas are continuing to rise, and more than 600 roads were still closed Friday in North Carolina. North Carolina Gov. Roy Cooper warned it still isn’t safe for many people to return home including the 3,700 who remain in shelters.

Part of the Cape Fear River is forecast to crest Saturday while the Waccamaw River at Conway, S.C., isn’t expected to crest until Tuesday or Wednesday next week , according to the National Weather Service.

In a rescue Thursday night in the town of Kelly, N.C., more than 100 stranded people were plucked from harm by National Guard and Coast Guard helicopters, authorities said.

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Economic Damage Wrought By Hurricane Florence Nearly 10 Times Worse Than Expected

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