Estimated Damage from Hurricanes Irma and Harvey in the U.S.: $290 Billion

The American media company "AccuWeather," which provides global weather forecasting services, has analyzed the impact of two massive hurricanes, Harvey and Irma, on the U.S. economy, estimating that the total damage from both storms will be around $290 billion, equivalent to 1.5% of the total U.S. GDP. According to the report published on AccuWeather's official website, the two major hurricanes struck Texas and Florida and other parts of the United States within two weeks of each other, causing significant financial damage. Both storms are classified as Category 4 hurricanes and have inflicted enormous damage on the U.S. at speeds of approximately 160 to 200 kilometers per hour. Hurricane Harvey knocked out 25% of U.S. refining capacity and reduced the country's oil production by 8%, while Hurricane Irma devastated large areas of Florida, which contributes 5% to the U.S. GDP. This is the first time in recorded hurricane history in the U.S. that two major Category 4 hurricanes have occurred in one year. Joel Myers, founder and president of AccuWeather, states that this is astonishing, especially since no storm in any part of the world has maintained such power for as long as Hurricane Irma has since satellites began monitoring global weather. The report adds that Irma, while maintaining its high strength, swept through the Caribbean islands and reached Florida after Cuba, continuing its path. Mr. Myers notes that not only has Irma maintained its strength for a long time, but its size has also been vast, enveloping the southern Florida coast, which is about 160 kilometers from the storm's core, to the northern coast of the state at speeds of around 160 to 200 kilometers per hour. The report further states that storms of such scale, which have lasted up to 12 hours in some areas, leave behind massive and long-term damages. These damages include the destruction of urban, economic, and industrial infrastructure, devastation of agricultural products, prolonged closures of commercial centers, increased unemployment, damage to homes and private properties, the influx of massive amounts of ocean water onto land, heavy rainfall and flooding, destruction of power transmission systems, and transportation infrastructure, among others. The report notes that large areas of Florida, within 40-70 kilometers of the coast, have been leveled. The beaches of this U.S. state were one of the largest tourist attractions. According to this report, the impact of Hurricane Irma is still ongoing, with powerful winds, rain, and flooding expected on Tuesday and Wednesday in Georgia, northeastern Alabama, mountainous areas of Tennessee and Carolina, and possibly northern Kentucky and western Virginia. The report further estimates that the damage from Irma will be around $100 billion, which is approximately half a percent of the U.S. GDP, which is $19 trillion. The damage from Hurricane Harvey is also estimated at $190 billion.