Hurricane Helene recently wreaked havoc across several states in the Southeast, leaving a trail of devastation in its wake. According to a preliminary estimate by Moody's Analytics, the economic cost of the hurricane could reach tens of billions of dollars.
The Category 4 hurricane made landfall in Florida's Big Bend region, bringing winds of up to 140 mph, a devastating storm surge, torrential rain, and historic flooding to inland areas in the Southeast. The death toll has reached at least 106 people across Florida, Georgia, South Carolina, North Carolina, Virginia, and Tennessee.
Moody's Analytics noted that it is still too early to determine the precise cost of the damage caused by Helene, but a preliminary analysis estimated property damage in the range of $15 billion to $26 billion. Economic disruptions, such as school and office closures, were estimated to cost an additional $5 billion to $8 billion in lost output. The total preliminary cost estimate is in the range of $20 billion to $34 billion.
Communities in western North Carolina, like Asheville, were hit particularly hard by flooding brought on by Helene's torrential rains. Infrastructure damage has left some communities isolated, preventing the delivery of much-needed supplies like food, water, and fuel.
President Biden has approved a major disaster declaration for North Carolina, and over 800 Federal Emergency Management Agency staff have been deployed to the region to assist with recovery efforts. The number of people without power has decreased to about 2.1 million as utility crews work tirelessly to restore services.
Moody's RMS Event Response is planning a more precise estimate of the insured losses caused by Hurricane Helene, which will be released in the coming weeks. The full extent of the damage and the long-term recovery efforts required in the aftermath of the storm are still being assessed.