Print this page

Economic cost of Hurricane Irma 'could reach $300bn'

Monday, Sep 11 2017
Economic cost of Hurricane Irma 'could reach $300bn'

The economic cost of Hurricane Irma could rise as high as $300bn (£227bn) as the storm lashes Florida, damaging homes, businesses and key crops including orange groves.  Analysts said about $2tn of property lay in the storm’s path, and also pointed to the potential impact on US food prices. Florida is the second-largest produce grower in the US and the world’s second-largest producer of orange juice.

Torsten Jeworrek, a member of the board of the German reinsurance giant Munich Re, said on Sunday that Irma was “a major event for Florida and also a major event for the insurance industry”. Florida also grows other important crops including tomatoes, grapefruits, watermelons and sugar cane. Irma could wipe out as much as 20% of the state’s citrus crop, a significant part of its economy, analysts have suggested.

Source: The Guardian

Latest from Editor