An aerial picture taken on September 28, 2024, shows storm damage in the aftermath of Hurricane Helene in Valdosta, Georgia.
The devastation wrought by Hurricane Helene across the southeastern United States could cost upwards of $34 billion, according to early estimates from Moody's Analytics.
The Moody's report, released as Helene was making landfall last week, estimated that property damage could cost between $15 billion to $26 billion.
And the resulting economic slowdown could cost $5 billion to $8 billion in productivity losses.
Only about 6% of U.S. homeowners have flood insurance through either a private company or the congressionally funded National Flood Insurance Program, despite 90% of natural disasters involving flooding, he said.
Persons:
Hurricane Helene, Helene, Mark Zandi, Zandi, Mark Friedlander, Friedlander, Joe Biden, Wiley Nickel, Florida Republican Sen, Rick Scott, Mark Amodei
Organizations:
Moody's, CNBC, Insurance, Flood Insurance, Federal Emergency Management Agency, FEMA, Disaster Relief Fund, Capitol, Florida Republican
Locations:
Hurricane, Valdosta , Georgia, United States, Florida , Georgia, North Carolina, South Carolina, Virginia, Tennessee, Appalachia, Washington