Economy

Tropical Storm Nate Likely to Cause More Financial Damage to Gulf States

Douglas A. McIntyre

Published: October 6, 2017 6:35 am

Last Updated: January 12, 2020 7:27 am

Tropical Storm Nate will make landfall somewhere between Louisiana and the Florida Panhandle this weekend. While it will not cause the amount of damage hurricanes Harvey and Irma did, it is expected to cause substantial flooding and wind damage, some of it in areas already affected by the earlier storms.

Hurricane Harvey caused as much as $180 billion in damage, although a final number will not be available for months. Hurricane Irma posted damage costs somewhat less than that, but the figure may hit $100 billion.

The ripple costs of the two large hurricanes could be exacerbated by Nate. That would include damage to cars, homes, infrastructure and job creation. The two more powerful hurricanes probably cost the addition of tens of thousands of jobs to the U.S. economy in August and September. The economy will probably add some jobs as cleanups and construction hit full swing in October and November.

Construction and restoration will not mean all businesses in the paths of the hurricanes will reopen. Some of the damage will be too great and will last too long. Some people may never return to damaged homes. Some jobs in the regions hit most brutally by the storms will never return. Nate will not have effects that great, but it will cause similar problems on a smaller scale.

According to the experts at AccuWeather:

The U.S. Gulf coast areas from northern Florida to Alabama, Mississippi and southeastern Louisiana may be at risk for damaging winds, coastal flooding, rough surf and beach erosion this weekend and into early next week.

Wind and wave action will produce rough seas and dangerous surf throughout the Gulf of Mexico this weekend.

The greatest coastal impacts will focus from part of the central Gulf coast to the upper west coast of the Florida Peninsula.

In such a broad area, some businesses, residences and infrastructure are bound to be ravaged. The new storm will add to the huge costs of the current hurricane season.