Helene’s death toll rises as the United States absorbs billions of dollars in insurance costs
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Hurricane Helene killed more than 60 people and left millions of homes and businesses without power as it swept through the southeastern United States, leading analysts to predict it could cause thousands of insurance losses. tens of billions of USD.
Helene was downgraded from a Category 4 storm – the second strongest – to a Category 4 storm. post-tropical cyclone after hitting Florida’s Gulf coast late Thursday with winds up to 140 mph.
According to the Associated Press, by Sunday morning, it had killed at least 64 people in five states. Deadly storm surges, high winds and torrential rain have left more than 3 million homes and businesses without power, AP reported.
Moody’s Analytics said it expects property losses of $15-26 billion and output declines of $5-8 billion, resulting in total costs of $20-34 billion.
“The third straight year of a severe storm hitting Florida’s Gulf Coast reinforces growing concerns about long-term impacts,” said Adam Kamins, senior director of economic research at Moody’s Analytics. long”.
“While climate hazards alone tend not to force people to leave the area, insurance premiums are likely to increase further. “Significant changes in the next year or two are unlikely, but a corrosive impact on housing affordability in the Sunshine State appears to be a growing risk,” he said.
The storm made landfall in the Big Bend region of northwest Florida just after 11 p.m. Thursday before moving across the state’s Panhandle and into Georgia around 1 a.m. Friday, according to the U.S. National Hurricane Center. It has since weakened but torrential rains have caused catastrophic flooding in the Carolinas and Tennessee.
Videos posted on social media showed extensive damage in Florida, with high waves crashing onto the coast and homes and streets flooded.
Helene is “weakening as it moves rapidly north-northeast” across Georgia, the hurricane center said, warning that the threat from storm surge, high winds and heavy rains remains severe. The center is expected to sweep through the Tennessee Valley on Saturday and Sunday, the center said.
The agency previously sounded the alarm about a “deadly” storm surge along the Florida coast, with destructive waves reaching up to 20 feet above the ground.
The US National Weather Service warned residents of the potential for “catastrophic and life-threatening flash and urban flooding, including significant landslides” across parts of the United States. southern Appalachian Mountains on Friday.
US President Joe Biden said he was “deeply saddened by the loss of life and destruction” caused by the storm, and that his administration was in contact with state and local officials.
“As we look forward to recovery efforts, we will ensure that no resource is spared to ensure that families, businesses, schools, hospitals and the entire Community ministries can quickly begin their path to rebuilding.”
Additional reporting by Ian Smith
