The Economic and Human Impacts of Hurricanes

Toan Phan and Sonya Ravindranath Waddell

Richmond Fed Economic Brief, 2024, vol. 24, issue 38

Abstract: Hurricane Helene brought large destruction to parts of the Fifth Federal Reserve District, most notably western North Carolina.1 Helene was the deadliest hurricane to hit the mainland U.S. since Hurricane Katrina in 2005, and Helene's impact on both metro and rural areas was devastating. Then, less than a week later, Hurricane Milton made landfall in Florida as a Category 3 storm. Such powerful storms not only have immediate effects but can have lasting ones as well. There are recent advancements in the research literature that help us better understand what more or stronger hurricanes might mean for our future. These recent advancements include relating economic effects of hurricanes to physical measures of hurricane strength (such as maximum wind speed) and looking at the longer-term impact of hurricanes on mortality. Recent research also indicates that the economic and human cost of hurricanes is likely much larger than prior estimates suggest, but also that adaptation matters. This article summarizes what we know about the mortality and economic impacts of hurricanes, both in the immediate aftermath and years later.

Keywords: Hurricane Helene; economic impact; insurance (search for similar items in EconPapers)
Date: 2024
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