Hurricane Matthew Economy Damages And Impact

Hurricane Matthew hits and the damage is getting really big. Lots of places and establishments were wrecked and destructed. But one major concern today is how these damages will affect the economy.

Hurricane Matthew is considred to be a deadly storm with a category 4 ranking. An estimate of 11 million Florida residents are in the pathway of Hurricane Matthew. The risk of 954,000 people for major storm surge has been warned and people started evacuating their houses. Leaving a reconstructive damage of $189 billion, if Georgia and South Carolina is counted, it will be more than $200 billion worth of damage, as reported by the CNBC.

The analysis from CoreLogic measures the damage from the water only. The damage that comes from the wind is not yet accounted for. Experts estimated that the worst damage caused by hurricane Matthew will likely be on where it directly hit landfall. Now, researchers predict that Daytona Beach, Florida will be the biggest damage. Hurricane Matthew is now threatening Florida with the danger of storm surge flooding. Estimated of 97,000 homes with a reconstructive value of $19.4 billion is in danger.

.@GioBenitez reporting on the million plus homes without power in FL after #HurricaneMatthew #WorldNewsTonight https://t.co/WgaMCwnND3

— World News Tonight (@ABCWorldNews) October 7, 2016

Tom Jeffrey senior hazard scientist from CoreLogic shared, "You have a tremendous cost associated with any engineering to reduce the risk. This is the first big storm to come through in a long time. It's hard to promote mitigation when you don't see these storms come through frequently."

However, hurricane Matthew does not cause so much damage compared to hurricane Katrina, experts still considers Hurricane Matthew as one of the deadliest storms. The impact in the economy could be felt in financial markets as well as in the economies of a number of Southeastern states, according to Fortune.