Hurricanes upend lives and destroy wealth, but leave little lasting imprint on the broader economy.
That is one of the main takeaways from an examination of the economic effects of storms in recent years.
With Hurricane Florence hitting the U.S. East Coast, and potentially more storms to come in the weeks ahead, it is a time to assess the economic impacts of natural disasters.
Hurricane Harvey last year flooded the nation’s fourth-largest city by population, Houston, destroying $125 billion worth of property, according to estimates by Moody’s Analytics Inc. But lost economic output was just $8.5 billion, a barely perceptible sliver of more than $19 trillion of national economic output, according to Moody’s.
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