“U.S. Hurricane Ida losses could cost as much as $95 billion

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U.S. analysts have revealed that the cost of damage caused by Hurricane Ida and its aftermath could reach $95 billion, mostly in the northeastern states hit by heavy rains, placing the storm in the same category as other deadly hurricanes that have crippled the region in recent years.

Joel N. Myers, founder and CEO of Akiu Weather, estimated on Friday that the total damage and economic losses from Hurricane Ida would be approximately $95 billion, according to the Philadelphia Inquirer.

Mark Zandi, chief economist at Moody’s, estimated the total cost of physical damage to property, buildings, and public infrastructure caused by Ida at up to $50 billion, half of which occurred in the northeastern states, where the storm caused flooding and tornadoes that claimed the lives of more than 40 people, including five in the Philadelphia area.

Zandi said that the damage caused by Ida, at today’s dollar value, amounted to about half the cost of Hurricane Sandy, which struck the East Coast in 2012, and a quarter of the cost of Hurricane Katrina, which struck the Gulf Coast and New Orleans in 2005.