The devastation wrought by Hurricane Ian likely caused more than $50 billion in damages — and also dinged overall US economic output, economists say
. Initial damages from the deadly storm are estimated to be in the range of $45 billion to $55 billion in Florida and at least several billion dollars in South Carolina, according to Laura Ratz, an economist with Moody’s Analytics. “So far, it looks like Hurricane Ian is on track to rank among the more costly natural disasters of recent years,” Ratz wrote in a note late last week.
Although an immense effort of reconstruction and repair work will be undertaken, and that effort will bolster economic output, the benefits will filter out over multiple months, he added. “In terms of the impact on growth, it’s likely to be invisible, relative to the national economy,” he said. The magnitude of impact to local economies and to key tourism-centric industries in Florida and South Carolina are likely to be “severe,” according to Matthew Martin, a US economist with Oxford Economics.
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