Hurricanes, storms cost US $500 billion this year: Analysis

Hurricanes and tropical storms have caused economic losses of nearly $500 billion as they have ravaged the country this year, according to analysis by AccuWeather. 

Experts estimated that the economic loss and damage from Hurricane Beryl, which hit the Gulf Coast in July, was between $28 billion to 32 billion. Hurricane Debby, which hit the Carolinas hardest a month later, imposed some $28 billion in damages, while Hurricane Francine cost about $9 billion.

But the biggest economic trauma was delivered by hurricanes Helene and Milton, which swept through the South in late September in October, according to the AccuWeather experts. 

Hurricane Helene, which devastated parts of North Carolina, was estimated to have inflicted between $225 billion to 250 billion in total damage and economic loss — flooding homes, destroying roads, ripping up trees and leaving hundreds of thousands of residents with power, in some cases for weeks.

To assist the state’s population, the Federal Emergency Management Agency (FEMA) dished out more than $194 million to individuals and households in the Tar Heel State, according to the agency’s data released late last month. 

Hurricane Milton, which ripped through Florida in early October, has caused between $160 billion and 180 billion in economic loss and total damage so far, according to the analysis. The storm intensified quickly, tearing through communities, destroying homes and filling the streets with mud as more than 3 million people were without power at one point. 

“Our hearts go out to everyone impacted this hurricane season. This has been an incredibly costly and destructive hurricane season,” said AccuWeather Chief Meteorologist Jon Porter.

But he noted the pain is far from over.

“It will take years for many of these communities, families and small businesses to recover. It could take a decade or longer to recover in some of the towns hit hardest by Helene,” he said. “Some communities may never fully recover from the catastrophic inland flash flooding we witnessed this year.”  

The analysis comes as job growth in the month of October stalled at 12,000, according to data released by the Labor Department earlier this month. Some large strikes impacted the figure, but impacts from hurricanes Helene and Milton also played a role as forecasters had projected that the country would add around 115,000 jobs. 

“The business and tourism losses are adding up quickly. Our estimates also consider the long-term healthcare costs,” Porter said. “Hurricanes can take a tremendous toll on the health and well-being of people who survived these storms and were exposed to hazardous flood waters, toxic mud and dust, as well as mold and mildew inside damaged homes and apartments.”