Posted on 08/28/2011 12:24:48 PM PDT by tobyhill
Damage from Irene appears to be less than feared, a bit of reassuring news for a fragile economy.
Insured damage from Irene will range between $2 billion and $3 billion, and the total losses will likely be about $7 billion, according to preliminary estimates by Kinetic Analysis Corp. a consulting firm. Both figures are less than had been feared and will likely have little impact on the nation's $14 trillion economy.
"Irene left several places with black eyes, but it doesn't seem to have delivered an economic knockout," said Ryan Sweet, an economist at Moody's Analytics.
The estimates from Kinetic Analysis, based in Silver Spring, Md., suggest that Irene will have caused far less insured damage than the $6 billion the industry paid out after Hurricane Isabel struck the East Coast in 2003.
The long-term costs of Irene will grow as storm-ravaged areas deal with lost business, insurance claims, dislocated workers and transportation disruptions — costs that will take months to fully calculate.
Still, rebuilding and repairing the damage from the storm will likely be enough to boost economic output in the final three months of this year, economists say.
For now, power outages and flooding will close some businesses, costing workers lost pay and likely boosting temporary layoffs. Transportation and shipping may also be disrupted.
(Excerpt) Read more at google.com ...
That will need to be counted into the losses.
No knockouts? What about a knockdown, any knockdowns? Another media frenzy without results. Kinda like Obama presidency.
Well..that’s really too bad because Obama and the democrats spent all the FEMA money for natural disasters on the bureaucrat pencil pushers and political cronies. There is less than 1 billion left in the fund with a hurricane season just getting started. They didn’t budget for enough in the first place according to reports today.
Go figure...the man and his administration are not out to ‘rebuild’ anything...they are out to destroy.
Damage is less than feared because our President took over.
You guys just don’t want to admit that.
Why do you tea party people hate America so much?
There was a tropical storm in the Catskills and Adirondacks today. Flash floods are inevitable and very deadly. Just ask anyone from West Virginia or the moutains of western Virginia.
Ya, the sight of Obama going to the command center must have scared Irene, so she fizzled out!!!
The FEMA Director today personally thanked Obama for “taking charge” and “learning the lessons of Katrina”.
It's all political hocus-pocus.
que the Carl Sagan voice saying “Billions and Billions and Billions”
Never fear 0mediabots.
Tropical Storm Jose formed near Bermuda on Sunday, becoming the 10th named storm of the 2011 Atlantic hurricane season, U.S. forecasters said.
At 2 p.m. EDT, the U.S. National Hurricane Center said Jose was 60 miles west of Bermuda and churning northward over the central Atlantic Ocean. It posed no threat to the U.S. coast or to energy interests in the Gulf of Mexico.
Just sayin’, you never know.
I’m trying to be funny, but you know there will plenty of munches in the msm who will push that line. And thats not funny.
Its actually dangerous.
You are being sarcastic, right? lol
Well, he did promise to turn back the tides and heal the eath.
Does this mean Obama won’t be able to blame the continuing economic mess on Irene?
Yep, he was going to stop the rise of the oceans, and allow the planet to heal.
Of course, since those evil Republicans in Congress didn’t pass his cap and trade bill, he can’t stop the rise of the oceans. Our earth only responds to acts of Congress and carbon credit trading markets.
Don’t think for a minute that this administration and POTUS will let this “crisis go to waste”. This will open the door for another stimulus.
Too bad. Therefore it seems we must still count on the aliens wiping us out so we can get the economy kicked into high gear.
Yes.
Although its really not funny. Its destructive and dangerous that there is not only a massive machine that would attempt to portray that image for a politician, but a President and an entire political party so craven as to utilize that free propaganda service to make their “face” look like he is in command of nature itself.
Probably so. I actually went and compared his FEMA budget requests this morning to President Bush’s. Obama asked for a mere 10 billion for the whole Homeland Security department and only a fraction of it was for FEMA. When you dug into the numbers..most of that was for the pencil pushers, new toys and buildings,etc. Very little for actual disaster relief or to truly protect this country. According to one report last night though..our FEMA workers now have read and/or blue jackets with their job descriptions printed on the back(no joke) and Obama has a fancy name tag at FEMA headquarters that says ‘Barack Obama’..President of The United States’.
President Bush’s Homeland Security budget for 2005 was 40 billion and when you dug into the numbers, most of it was to protect this country and for disaster relief(which is what our President is actually charged with doing in our constitution).
Big difference. Obama and the democrats have been spending our tax dollars on their cronies and not putting it where it really needs to go and his budget proves it. The democrats LACK OF A BUDGET FOR THE WHOLE TIME THEY WERE THE MAJORITY PROVES IT EVEN MORE!!
You probably already know all this..but hopefully the liberal lurkers will read this and get a friggin clue! Obama has bailed out Wall Street to the trillions of dollars tune, but he has less than a billion dollars left for disaster relief with our hurricane/tornado/winter seasons just getting started?
GIVE ME A FRIGGIN BREAK!!
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