The estimates for the cost of Hurricane Harvey’s damage account for $65 billion – $190 billion. If the real cost hits the higher end of that range, it’s expected to be the most expensive disaster in the history of the US. As for Hurricane Irma, the latter could result in $50 billion – $100 billion damage.
The House of Representatives has recently approved about $8 billion in Hurricane Harvey relief funding. With the 419-3 vote, or with only Republicans voting against the proposal, the House overwhelmingly approved nearly $8 billion in funding for Hurricane Harvey relief. The Republican Party (commonly referred to as the GOP) leaders planned to attach a measure to increase the debt ceiling.
Democrats have mentioned about a 3-month increase in the borrowing limit, but according to House Speaker Paul Ryan, such a short-term increase to Harvey aid won’t be feasible.
The increase in funding also came as the Federal Emergency Management Agency (FEMA) prepared for the impact of Hurricane Irma. The House-passed bill included $7.4 billion for FEMA’s disaster relief fund.
The recovery expenses would mainly go to property damage. However, vehicle losses caused by the extensive flooding during Harvey would be extremely costly in Houston and many areas of Texas. This is conditioned by the fact that Houston and other areas of Texas have a higher car ownership rate as compared to the national average.
According to a chief economist at one of the business and financial services companies, 80% of the economy will be …