A great storm that hit the Atlantic Coast—from Florida to South Carolina—Hurricane Matthew, has possibly launched a destructive economic thump to one of the US’s most beautiful regions.
Hurricane Matthew, despite downgrading to Category 3, gradually moved along Florida coastline bringing consistent winds with a speed of 120 mph.
The region impacted was a highly populated one. It was also considered as a well-developed part of the nation on economic grounds.
According to estimates by Zandi, total financial losses are worth tens of billions of dollars, coming close to Hurricane Sandy which inflicted damage worth approximately $70 billion.
Analyzing the Economic Impact of Hurricanes
For over decades, economists have argued the impact of storms on the nation’s economy. Speaking particularly of great natural disasters, they came up with four contending hypotheses:
- Hurricanes permanently become a source of setback for the country,
- They can lead to impermanent disruption in growth merely to get things back on track,
- They may encourage further growth, as even greater investments are made to mend impacted assets,
- They help the nation get rid of obsolete infrastructure and comeback with a modern, advanced setting for additional growth.
However, in the case of Hurricane Matthew, the far-reaching implications can only be determined over the course of time. As of now, it is predicted that insured residential and commercial property damages as a result Hurricane Matthew are approximately $4 to $6 billion merely from wind and storm.
This estimation is exclusive of the losses pertinent to the supplementary flood, business disruption and a host of other economic activities. Out of the $4 billion to $6 billion property damage, 90% of the insurance claims are anticipated to be pertinent to wind, while 10% are about the storm.
The hurricanes that have been hitting the nation since 1989 have inflicted about two-third damages in economic sector, particularly property damages. And one-third of the damage is on the economic output.
In the regions hit by Hurricane Matthew—particularly South Carolina, Georgia and Florida—almost 1.4 million housing properties with a rebuilding price of $287 billion were subjected to risk.
However, hurricanes usually don’t impact a country’s economic progression. Most of these losses are balanced much later. Majority of the devastated houses, commercial properties and infrastructure are rebuilt, leading to added trade and industry activities.
Yet, nothing can take away from the fact that Hurricane Matthew subjected enormous damage to the nation.
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