Wed, 13 November 2024 07:07:59am
Related Tags: hurricanes, climate change, storm damage, Helene and Milton disaster, $50 billion
Helene and Milton Set to Become $50 Billion Storm Disasters
Helene and Milton Set to Become $50 Billion Storm Disasters
As climate change intensifies, we are witnessing storms that are not only stronger but also more costly. Hurricanes Helene and Milton, with their destructive forces, are on track to join the ranks of infamous $50 billion disasters like Katrina and Sandy. But with over 95% of the damage uninsured, the financial blow is hitting victims harder than ever.
So, how did these storms cause such devastation, and what does the future hold as extreme weather events become the new norm?
In the aftermath of hurricanes Helene and Milton, the scale of destruction is still being tallied, but experts from government and private sectors are certain that both storms will join the ranks of the most expensive natural disasters in history. Early estimates predict damages exceeding $50 billion for each storm, placing them alongside catastrophic events like Hurricane Katrina in 2005, Superstorm Sandy in 2012, and Hurricane Harvey in 2017.
What makes this disaster even more painful is the lack of insurance coverage for most of the victims. In Helene’s case, more than 95% of the damage was uninsured, leaving countless families and businesses in deeper financial distress. The costs of rebuilding are exacerbated by rising inflation and soaring construction costs, which experts say are outpacing the compensation many storm victims receive.
The increasing intensity and frequency of these devastating storms are largely driven by human-induced climate change, making hurricanes wetter and more powerful. John Dickson, president of Aon Edge Insurance Agency, highlighted how storms today are far more energy-laden than in the past, with the environment changing faster than society can adapt.
Over the past 45 years, the National Oceanic and Atmospheric Administration (NOAA) has recorded 396 weather-related disasters, each causing at least $1 billion in damage. Among those, 63 were hurricanes or tropical storms. However, only eight have exceeded the $50 billion threshold, which marks a "truly historic event," according to Adam Smith, a NOAA economist and meteorologist.
Both Helene and Milton, experts agree, are likely to surpass that mark, highlighting the growing cost of rebuilding after natural disasters. As more people build in high-risk areas and climate change continues to amplify storm impacts, future events could see similar, if not higher, financial and human tolls.
Key Points:
- Hurricanes Helene and Milton are predicted to cause over $50 billion in damages, joining a list of historically costly storms.
- Over 95% of the damage from Helene was uninsured, leaving victims in dire financial straits.
- Climate change is making storms stronger and wetter, while rebuilding costs are soaring faster than inflation.
- In the past 45 years, NOAA has counted 396 weather disasters causing at least $1 billion in damage, including 63 hurricanes and tropical storms.
- Experts believe Helene and Milton will likely become part of an elite group of eight hurricanes that have surpassed $50 billion in losses.
