US Experts Say Uninsured Hurricane Costs Are $100 Billion
30 September 2005
U.S. Government experts are drawing a more complete picture of hurricane damage to the southern United States.
The Commerce Department said Friday, Hurricane Katrina caused $100 billion in damage that will not be covered by insurance.
Higher energy prices sparked by hurricanes also helped to depress one measure of consumer spending by about one percent - the steepest drop since the terror attacks in 2001. Experts track consumer spending because consumer demand drives most U.S. economic activity.
A separate report from the non-partisan Congressional Budget Office on Thursday says the hurricanes will temporarily cut U.S. economic growth by about 0.5 percent.
That is less than first thought, and the CBO says the reduction will probably be offset by a surge of rebuilding activity by early next year.
Some information for this report provided by AFP.
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