Yes, it is a terrible, destructive event. Lives and homes will be shattered. But virgil is correct on the economic increase in the contruction and contractor businesses during rebuilding. I went through Sandy, and for months afterwards, the contractors (carpenters, plumbers, electricians, stone masons, etc.) were so busy with work they would not even return your phone calls.
I also live in an area of high mobile home and temporary housing production. Just as with Katrina we are certainly going to be helped in the coming months by billions worth in FEMA contracts...the only issue this time with the tight labor market will be finding enough qualified workers.
The point is that overall, from a big picture standpoint, there is not an upside, and we should be cognizant and explicit about that.
So a home owner has to pay $25,000 to repair their home after insurance settles - money that could have been spent on a used car, kids college fund, eating out and other things.
All that does is transfer money that could have gone one way off to another direction while inflicting pain and suffering on the home owner.