hurricane maria economic impact
The firm predicted that insured losses will exceed $10 billion for Hurricane Harvey. Maria was a record-breaking storm.
Estimates from Chuck Watson, an analyst with the disaster research group Enki Research, were slightly more conservative. His current model assumes that it will take three months for 90% of Puerto Rico to have electricity restored. ... "If it takes six months to get the grid back online, you're getting more economic impact than physical impact," Watson said. But even that level of damage would take a massive toll on Puerto Rico's $103 billion economy, since it represents roughly 30% of the territory's GDP. It filed for the largest municipal bankruptcy in U.S. history back in May.
The longer Puerto Rico is without power, the worse the situation will be, Watson said. All rights reserved. On the morning of Wednesday, September 20, 2017, Hurricane Maria struck Puerto Rico, devastating the island and plunging all of its 3.4 million residents into a desperate humanitarian crisis.
Puerto Rico, officially the Commonwealth of Puerto Rico, is an island territory of the United States, located in the northeast Caribbean Sea. Most stock quote data provided by BATS. NOAA has released its 60-day regional evaluation of impacts from Hurricanes Irma and Maria to the fishing communities in Florida, Puerto Rico and the U.S. Virgin Islands. Hurricane Maria had a $43 billion impact on the U.S. territory’s economy, $1 billion more than originally estimated, according to an island government report. More than 85% of those losses are in Puerto Rico, the firm said. Watson expects that Puerto Rico will face $30 billion in total damages -- $20 billion in physical damages (both insured and uninsured) and $10 billion in lost economic productivity.
Another study indicated 40 percent of the residents had lost their job or were earning less money a year after Maria.Although the fiscal report projects $80 billion in federal funding to be invested in Puerto Rico – a little over half of the $139 billion Gov.
Florida, the country's fourth largest economy, had a 2016 GDP of $947 billion. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors.
All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Watson said he's also concerned that people will decide to flee Puerto Rico permanently. The economic impact analysis dashboard graphically displays the potential business, jobs, and sales impacts of Hurricane Maria. Katrina damaged 19% of U.S. oil production, causing gas prices to rise to almost $5 a gallon. All times are ET. The true extent of Hurricane Maria’s damage to Puerto Rico is still being tallied. Counties under a State of Disaster were also included to reflect the potential scale of Hurricane Maria’s impact. Disclaimer. SAN JUAN — Puerto Rico Planning Board Chairwoman María del C. Gordillo published Monday the Economic Report to the Governor and the Statistical Appendix corresponding to fiscal year 2017, which reveals that hurricanes Irma and Maria caused an economic impact of more than $40 billion. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. “Maybe all their numbers are compatible and have a rational explanation, but they need to be more transparent in what methodology they used, what were the sources of their information, and whether that was their preliminary estimate of damages and the number will grow as time goes on.’’Regardless of which figure is accurate, Puerto Rico is in the midst of a long, arduous climb back to economic stability.Even before getting battered by the hurricanes, which killed nearly 3,000 people and left most residents without power for several weeks and some close to a year, the Puerto Rican government was more than $70 billion in debt and had an additional $50 billion in pension liabilities.A fiscal plan initially put together by the Financial Oversight and Management Board for Puerto Rico was revised in June to account for the impact of the hurricanes.
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