![]() Meanwhile, it's the emotional toll that will be the hardest to quantify, Watson said: "Behind these numbers is a family that lost everything." Houses are seen submerged in flood waters caused by Tropical Storm Harvey on Augin Northwest Houston. "If you did your calculations today, you'd be looking at it and going, 'There's all these millions of dollars of losses to the energy industry.' But more than likely in a month, that impact won't be that great." Once they resume operations, they'll be able to run at full capacity to catch up the backlog," he said. "They'll probably only be offline for a couple of weeks. Hurricane Carla was the second strongest storm to ever hit the Texas shore. It hit the Texas shore in the 1961 Atlantic hurricane season as a Category 4 hurricane, becoming one of the most powerful storms to ever strike the United States. "So in that case, the earnings losses were relatively small compared to the direct damages."īusinesses such as the Gulf oil refineries may fare alright in the long run too, according to Watson. Hurricane Carla was one of two Category 5 tropical cyclones. We saw earnings losses in 20, but by 2007, people bounced back, and we see in the long run, thy're doing better than they were before," Deryugina said. Joel Myers, Accuweather's founder and president, said the $190 billion figure was based on "knowing what the effect was from Katrina and Sandy and from dozens of other storms and what their ultimate damage estimates were." If Accuweather's eye-popping estimate is correct, Harvey would cost nearly as much to the economy as Hurricanes Katrina and Superstorm Sandy combined.ĭr. Related: Harvey Tragedy: Van Swept Away With Family Inside Is Found He added: "The problem is with a big system like Harvey, you're so dependent on things you can't predict," like where the rain bands are going to hover and for how long - or how the Corps of Engineers might stave the flow of water after an unprecedented event, such as a reservoir topping a major dam in Houston for the first time ever. When experts input data into simulation models, they must incorporate everything from the latest path a hurricane is forecast to travel to seemingly minute details such as whether wind-blown trash might clog drain systems, Watson said. ![]() Related: Flash Floods Hit Beaumont and Port Arthur, Texas, After Harvey Makes LandfallĪnd there are a lot of assumptions to choose from when estimating damage costs.
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