Damage from Irene appears to be less than feared - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Damage from Irene appears to be less than feared

Posted: Updated:
  • RelatedMore>>

  • NYC appears to escape the worst as Irene roars in

    NYC appears to escape the worst as Irene roars in

    Sunday, August 28 2011 1:32 PM EDT2011-08-28 17:32:53 GMT
    Tropical Storm Irene unleashed furious wind and rain on New York on Sunday and sent seawater surging into the Manhattan streets. But the city appeared to escape the worst fears of urban disaster 
    Tropical Storm Irene unleashed furious wind and rain on New York on Sunday and sent seawater surging into the Manhattan streets. But the city appeared to escape the worst fears of urban disaster — vast power outages, hurricane-shattered skyscraper windows and severe flooding. 

WASHINGTON (AP) — Insured damage from Irene will range between $2 billion and $3 billion, and the total losses will likely be about $7 billion, according to preliminary estimates by Kinetic Analysis Corp. a consulting firm.

Both figures are less than had been feared, a bit of reassuring news for a fragile economy.

Still, the long-term costs of Irene will likely grow as storm-ravaged areas deal with lost business, insurance claims, dislocated workers and transportation disruptions — costs that will take months to fully calculate.

The preliminary estimate from Kinetic Analysis, based in Silver Spring, Md., suggests that Irene will have caused far less insured damage than the $6 billion the industry paid out after Hurricane Isabel struck the East Coast in 2003.

Copyright 2011 The Associated Press.

Powered by Frankly
All content © Copyright 2000 - 2017 Midwest Television, Inc. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.