Hurricane Idalia’s Financial Toll Could Hit $20B

As states impacted by Hurricane Idalia engage in recovery efforts, a new estimate suggests that the storm is likely to result in damages and lost economic activity ranging between $12 billion and $20 billion.
Following its landfall on Wednesday, Hurricane Idalia wrought havoc on Florida’s Gulf Coast, leading to the loss of two lives, street flooding, residential damage, and the toppling of trees and power lines.
The majority of the financial losses can be attributed to property damage, with the coastal counties situated in Florida’s Big Bend region enduring the brunt of the hurricane’s formidable winds, heavy rainfall, and storm surge. Moody’s Analytics analyst Adam Kamins emphasized in a report that severe flooding was particularly pronounced in Tampa and Charleston, South Carolina, as Hurricane Idalia progressed northward.