Annual Toll of Weather Disasters

From the Congressional Budget Office:  Hurricanes and Storm Flooding Taking a $54 Billion Annual Toll

The Congressional Budget Office warned in a new report that the cost inflicted by hurricanes and storm-related flooding is expected to hit $54 billion a year, equivalent to 0.3 percent of the nation’s current gross domestic product.

That total consists of $34 billion in expected annual economic losses to the residential sector, $9 billion to commercial businesses, and $12 billion to the public sector.

CBO estimates that a combination of private insurance coverage for wind damage, federal flood insurance, and federal disaster assistance would cover roughly 50 percent of losses to the residential sector and 40 percent of losses to the commercial sector.

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