October 28, 2016
Bob Dylan won a Nobel prize, but his famous song, “Blowing in the Wind,” might have a different, and dire, meaning.
Hurricane Nicole formed in the Atlantic Ocean on the heels of Hurricane Matthew during the first part of October 2017, representing the first time on record that two major Atlantic hurricanes have occurred in October. Those storms wreaked havoc; Mark Zandi, chief economist of Moody’s Analytics estimated that total economic losses could be in the tens of billions of dollars.
Chuck Watson, a disaster modeler with Enki Research, projected about $25 billion in damage from the hurricanes. In hurricanes dating to 1989, two-thirds of economic losses can be traced to property damage while a third is due to lost economic output.
In Florida, Georgia and South Carolina, nearly 1.4 million residential properties valued at $287 billion were at risk from the storm, according to CoreLogic. Rebuilding could be a challenge because contractors are grappling with a shortage of construction workers, Zandi said.
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