by Staff Writers
Washington (AFP) Oct 12, 2016
Hurricane Matthew caused $10 billion in damage in the United States as it swept through southeastern states, Goldman Sachs estimated Wednesday.
After a devastating hit on Haiti, Matthew crawled up the US coast from Florida to North Carolina on October 6-9, triggering widespread wind and flooding damage.
Analysts at Goldman Sachs said the preliminary property damage estimate is about $10 billion, about half of that insured losses.
For US hurricanes historically, that is relatively small; it makes Matthew only the 22nd worst storm in terms of property damage, according to Goldman's analysis.
The impact on the US economy will likely be minimal, it said. Based on earlier storms, there could be an 0.1-0.2 percentage point fall in industrial production in October, it said.
But both industrial output and employment "are likely to rebound the following months, and we do not expect a noticeable effect on the quarterly GDP numbers."
"Whatever the direct losses to property, they will not be directly visible in most economic indicators, which focus on the flow of new production, sales, and employment, rather than the stock of existing wealth," it said.
Meanwhile, analytics company Corelogic said its estimates of insured losses from the storm ran between $4 billion and $6 billion, most of that from wind damage.
Hurricane Nicole bears down on Bermuda
Packing 100 mile (155 kilometer) per hour winds, Nicole was 320 miles (520 kilometers) southwest of Bermuda at 1200 GMT.
The storm was heading northwest at about seven miles (11 kilometers) per hour in the Atlantic, and is expected on or near the British island territory within the next 24 hours.
"Hurricane conditions are expected to begin on Bermuda Thursday morning, with tropical storm conditions expected to begin by later today or tonight," the NHC said in one of its Wednesday updates.
"A dangerous storm surge is expected to produce coastal flooding in Bermuda. Near the coast, the surge will be accompanied by large and destructive winds," said the NHC, adding that rainfall of up to eight inches (20 centimeters) is anticipated.
Nicole already has disrupted the next US cargo supply trip to the International Space Station. Initially set for Thursday, the launch now has been delayed until Sunday, NASA officials said.
Last week another hurricane, Matthew, strafed the Caribbean and US east coast, hitting Haiti as a Category 4 storm.
Impoverished Haiti, with 473 known dead, continues to struggle from the after-effects of Matthew, with thousands still in shelters and health officials warning about the possible spread of cholera.
Bringing Order To A World Of Disasters
When the Earth Quakes
A world of storm and tempest
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|