The damage bill following Hurricane Irene could be as high as between $7bn (£4.4bn) and $10bn (£6.3bn), US risk management firm Kinetic Analysis Corporation said today.
A Kinetic Analysis Corporation spokesman said the proportion of the damage bill that accounts for flood damage could be as high as £627M.
Kinetic Analysis Corporation specialises in estimating the impact of natural and man-made hazards on the built environment. It estimated the damage value by totalling insured and uninsured physical damages, public and private spending on clean up operations, and unrecovered expenses for business interruption immediately after the storm.
The US National Oceanic and Atmospheric Administration said that prior to Hurricane Irene, the country had already suffered nine separate national disasters this year — including tornado outbreaks, intense heat waves, flooding, active hurricane seasons, and solar storms that threaten power and communication systems.