$1 Trillion Price Tag For Disaster Recovery
According to Bloomberg Intelligence, disaster recovery in the US during the year ending May 1 was $1 trillion. Hurricanes Helene and Milton were $313 billion of this. The Los Angeles wildfires were estimated to be $65 billion.
The report says the largest “drivers” of the sum are “insurance premiums, post-disaster repair, and federal aid.” The total is about 3% of annual GDP
Local officials had at least a measure of control over the LA wildfires. This was not the case with the two hurricanes.
The environmental factors contributing to the LA wildfires included near 100 mph winds near the Pacific and drought, which has been blamed on global warming.
The contributions to the two hurricanes were primarily due to extremely warm waters in the Southern Atlantic and the Gulf of Mexico. At one point, the surface temperatures in some parts of the Gulf were nearly 90 degrees F. While the hurricanes may have occurred under many circumstances, the warm water increased wind velocity at record rates.
Unfortunately, most climate scientists believe that disasters, both in terms of size and scope, will increase rapidly.
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