The economic impact of Helene and Milton -- and who pays for it

[marmar]

The economic impact of Helene and Milton — and who pays for it
The recent hurricanes will be costly for taxpayers and insurance companies

By Zina Kumok
Published October 19, 2024 9:00AM (EDT)




(Salon) The 2024 hurricane season could rank among the most expensive after Helene flooded North Carolina in late September and Hurricane Milton hit south Florida about two weeks later.

Financial damages are still being counted, but the latest estimates put both storms at $50 billion, making them among the most costly hurricanes on record.

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Mark Friedlander, director of corporate communications at the Insurance Information Institute, said state and local governments are largely responsible for paying those expenses until federal funding is available.

“The costs associated with cleanup and restoration efforts are typically reimbursed by FEMA grants,” Friedlander said.

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Many people also rely on property insurance coverage or personal savings to make them whole.

But that doesn't work for some homeowners. Those who choose not to purchase the optional flood insurance package will be on the hook for water damage. In the case of Katrina, many didn't have flood insurance because they weren't living in designated flood zones. Helene flooded portions of North Carolina where natural disasters are rare. .........................(more)

https://www.salon.com/2024/10/19/the-economic-impact-of-helene-and-milton--and-pays-for-it/