As power generation returns to the grid and lights turn on for millions of customers in Texas, the historic rolling blackouts, Arctic blast, and winter storms may have cost billions of dollars in economic damage. But the damage wasn't limited to Texas, explained AccuWeather. The total damage and economic loss of the winter storms are estimated to be in the tens of billions of dollars across the country.
AccuWeather Founder and CEO Dr. Joel N. Myers said the latest batch of major winter storms had wreaked havoc in Texas and across the country. He estimates total damage and economic loss could amount to $45 and $50 billion. This comes as the US economy is on life support through fiscal and monetary injections.
For some perspective, AccuWeather estimates the 2020 hurricane season, one of the most active on record, cost between $60-$65 billion.
"We have been experiencing one of the stormiest patterns seen in decades," said Myers. Ahead of the mayhem, readers may recall we warned about an "Overwhelming Signal" - Major Winter Storm Threats For Million Of Americans Within Next Five Days."
Myers has been studying severe weather for more than five decades. He said, "the damage has been exacerbated by the record cold temperatures that have pushed to the Gulf Coast this week." Myers also warned the crisis's impact would ripple through the already fragile recovery.
Myers said his "estimate includes damage to homes and businesses as well as their contents and cars, job and wage losses, infrastructure damage, auxiliary business losses, medical expenses and closures." It also includes power outages to residential and commercial structures, highway closures, evacuations, and government cleanup operations.
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