It could take up to $26 billion to rebuild the damage left behind by Hurricane Helene, according to a preliminary report.
Moody's Analytics says the preliminary cost estimates could change due to storm damage still being assessed but overall losses from property damage and economic losses range from $20 billion to $34 billion. That number could grow because it came out before the full extent of the damage was known in states like North Carolina.
Lost output reflects the inability of firms and workers to contribute to the economy because of the hurricane.
In the areas that took a direct hit, damage and evacuations will likely mean a period of weeks in which the economy will be severely hindered. But because landfall occurred in a sparsely populated area—with Taylor County, which took the most direct hit, one of Florida's least dense, the impact there could be somewhat limited.
Even though a return to relative normalcy will come in a matter of days for some areas, the breadth of the disruption could be a $5 billion to $8 billion economic hit in the third and fourth quarters, according to Moody's.
On the property damage side, the initial report warned there is more uncertainty. The storm has been catastrophic in the Big Bend, but less expensive housing and fewer homes keep a lid on the price tag there.
They expect most of the cost will come from damage that spans a wide footprint covering four states and including some major population centers, Moody's warned.
Their initial estimates are $15 billion to $26 billion in property damage which would put the price tag lower than Ian and Ida, which hit more populated areas in Florida and Louisiana, respectively.
Moody's expects an updated analysis in the days ahead and also plans to release the impact of the storm on the insurance industry next week.
