California storm losses estimated at more than $30 billion
By Brian K. Sullivan | Bloomberg
California’s flooding rains and heavy snows that killed at least 17 people have likely caused more than $30 billion in damages and economic losses, according to AccuWeather.
The Pacific storms, known as atmospheric rivers, are estimated to have caused $31 billion to $34 billion of economic impacts through major flooding, widespread power outages, landslides, fallen trees and road closures, the commercial weather forecaster said Wednesday.
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“A substantial portion of the damage to homes and businesses occurred as a result of mudslides and landslides as well as water damage caused by the serious flooding,” Accuweather said.
The losses are more than triple those from December blizzards in Buffalo, New York, though less than the $180 billion to $210 billion caused by Hurricane Ian when it struck Florida last year.
Accuweather expects damage costs to further rise as more storms sweep through California.
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“Additional damage and negative impact to the economy is expected to accrue as the parade of storms continues to affect parts of California through Jan. 18,” the company said.
Accuweather’s calculations are based on direct and indirect impacts of the storm including damage to property, job and wage losses, crops, evacuation costs as well as airline delays, lost business and supply-chain interruptions. The tally includes both insured and uninsured losses.
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