With a potential price tag of $160 billion, Hurricane Harvey could be the costliest natural disaster in U.S. history, USA Today reports.
The figure is a preliminary estimate from private weather firm AccuWeather, which notes that the cost of Harvey could be equal to the combined economic toll of hurricanes Katrina and Sandy.
The storm’s cost represents a 0.8% economic hit to the gross national product, AccuWeather says.
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The Federal Reserve, major banks, insurance companies and other business leaders should begin to factor in the negative impact this catastrophe will have on business, corporate earnings and employment, says AccuWeather President Joel Myers.
