August 29, 2017, 9:24:55 PM EDT
AccuWeather predicts Hurricane Harvey to be the most costly natural disaster in US history
AccuWeather predicts Hurricane Harvey, which has wreaked havoc in Texas, to be the most costly natural disaster in United States history.HT: Mike Smith Enterprises—7:30am Update: T.S. Harvey
Dr. Joel N. Myers, founder, president and chairman of AccuWeather, and sometimes called the “father of commercial meteorology” stated, “This will be the worst natural disaster in American history. The economy’s impact, by the time its total destruction is completed, will approach $160 billion, which is similar to the combined effect of Hurricanes Katrina and Sandy. This represents a negative impact on the economy of 8/10 of one percent of the gross national product or GDP. The GDP is $19 trillion currently. Business leaders and the Federal Reserve, major banks, insurance companies, etc. should begin to factor in the negative impact this catastrophe will have on business, corporate earnings and employment. The disaster is just beginning in certain areas. Parts of Houston, the United States' fourth largest city will be uninhabitable for weeks and possibly months due to water damage, mold, disease-ridden water and all that will follow this 1,000-year flood.”
The worst flooding from Harvey is yet to come as rivers and bayous continue to rise in Texas with additional levees at risk for breaches and failures.“The meteorologist forecasting community as a whole did a very good job in warning people about this storm. Public officials were slow, in some cases, to react or to know what to do, which affected too many people and caused the loss of property and damage and destruction....MORE
