US: Harvey, Irma estimated to cost $290 billion
The damage from Irma is estimated to be around $100 billion -- 0.5 percent of U.S. GDP of $19 trillion.
Harvey is expected to cost $190 billion, or 1 percent of GDP, according to AccuWeather.
"Together ... these two disasters amount to 1.5 of a percentage point of the GDP, which will about equal and therefore counter the natural growth of the economy for the period of mid-August through the end of the fourth quarter," Dr. Joel N. Myers, AccuWeather’s founder and chief said in a statement.
Myers said economic costs include business disruptions, damage to personal property and a rise in gasoline and heating oil prices.
He added that the hurricanes in Texas and Florida would increase unemployment in regions that are negatively impacted.
Due to Harvey and Irma, global investment banking firm Goldman Sachs on Saturday lowered its third quarter growth forecast of the U.S. economy to 2 percent from 2.8 percent.
"We expect a meaningful drag on key growth indicators over the next two months, including a temporary drag on September payrolls growth of 20,000 -- or as much as 100,000 -- if severe storm effects persist into next week," it said in a statement.
Goldman believes, however, a rebound in growth is possible because economic activity usually increases after natural disasters.
"We expect this weakness to reverse over the subsequent three quarters, more than recouping the lost output," it said, and increased the U.S. economy's growth forecast for the fourth quarter by 0.4 percentage points to 2.7 percent.
Related news releases
- 20.06.2018US withdraws from UN Human Rights Council
- 19.06.2018US, Russian top diplomats discuss Syria over phone
- 19.06.2018Trump orders creation of US 'Space Force'
- 17.06.2018Argentina to replace energy and production ministers
- 16.06.2018At least 17 dead in Venezuelan nightclub after tear gas blast
- 16.06.2018Kushner, Haley hold talks with UN chief on humanitarian needs in Gaza
- 16.06.2018U.S. warns Americans of terrorism threat at World Cup in Russia
- 16.06.2018Trump supports Republican immigration bills in U.S. House: White House
- 16.06.2018U.S. judge sends ex-Trump campaign head Manafort to jail pre-trial
- 16.06.2018Trump sets tariffs on $50 billion in Chinese goods; Beijing strikes back
- 15.06.2018Trump tells G7 leaders that Crimea is Russian
- 15.06.2018Pompeo says North Korea sanctions to remain until complete denuclearisation
- 15.06.2018UN calls for vital port of Hudaydah to stay open
- 15.06.2018Nicaragua president's foes stage nationwide strike
- 15.06.2018DoD Chief Mattis Discusses With S Korean Counterpart Results of Singapore Summit
- 15.06.2018US forces conduct airstrike in Libya, manage to kill one terrorist
- 14.06.2018Facebook's chief of communications, policy to step down
- 14.06.2018Norwegian politicians nominate Donald Trump for Nobel Peace Prize
- 14.06.2018UN votes to condemn Israel's 'excessive force' against Gaza Protests
- 14.06.2018Top White House officials planning to quit
- 14.06.2018Volcanic ash forces Guatemala airport to suspend operations
- 14.06.2018Trump says summit removed North Korean nuclear threat
- 14.06.2018Antarctic thaw quickens, trillions of tonnes of ice raise sea levels
- 13.06.2018Trump, Iran spar over oil prices ahead of OPEC meeting
- 13.06.2018Trump says no war games while North Korea negotiates in good faith
- 13.06.2018New US sanctions will have no effect - Russia’s Foreign Ministry
- 13.06.2018Kim Jong-un, Donald Trump accept each other's visit invitations
- 12.06.2018UN Sec Gen: implementing agreements by US, North Korean leaders requires patience
- 12.06.2018US must sustain maximum economic pressure on Pyongyang - House Speaker
- 12.06.2018Trump top economic adviser suffers heart attack moments before Trump-Kim Summit
- 12.06.2018US sanctions new Russian entities over cyberattacks
- 12.06.2018US extradites former Panamanian president
- 11.06.2018Guterres: UN ready to play verification role in N Korea denuclearization process
- 10.06.2018Mexican parliamentary candidate shot dead after debates
- 10.06.2018G7 nations release joint communique
- 09.06.2018Any agreement with North Korea will be 'spur of the moment': Trump
- 09.06.2018Trump demands end to 'unfair' trade after G7 summit
- 09.06.2018U.S., EU take small step on trade, but no breakthrough at G7 summit
- 09.06.2018U.N. Security Council elects five members for two-year term
- 09.06.2018Muhammad Ali family lawyer to Trump: thanks, but no pardon needed
- 12.09.2017U.N. Security Council to vote on weakened North Korea sanctions bid - UPDATED
- 12.09.2017US investigating Russia's state-run news agency
- 12.09.2017North Korea sanctions 'nothing compared to what will have to happen': Trump
- 12.09.2017US top court temporarily upholds Trump's refugee ban
- 11.09.2017Death toll at 96 in Mexico quake
- 11.09.2017Eight dead after shooting in Texas