Weather Economics

August 19th, 2011
in econ_news

Thunderstorm Econintersect:  Bad weather costs money and 2011 is headed for the largest costs in history for the U.S.  The National Weather Service says that nine weather events so far this year have caused more than $1 billion each.  The total has been achieved in less than eight months and has yet to include the affects of a hurricane.  The hurricane season peaks in late August and September.

Follow up:

From an Associated Press article in Scientific Computing:

The government has been tracking billion-dollar weather disasters for 30 years and the country normally averages about three a year.

The billion-dollar disasters included two floods, five tornado outbreaks and a blizzard. This year severe thunderstorms have also cost $20 billion, double what's normal.

Weather Service Director Jack Hayes says the United States seems overdue for a hurricane smacking the coast (Scientific Computing).

Only one other year (2008) has had as many as nine weather events costing $1 billion or more each.

Source:  Scientific Computing (AP)

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