Puerto Rico’s Losses From Hurricane Maria May Top $72 Billion
As Puerto Rico continues to plead for more aid from federal agencies, catastrophe-modeling firm AIR Worldwide says the storm could result in up to $72 billion in losses on the island.
Overall, says the group, losses from Hurricane Maria are estimated to range between $40 billion and $85 billion. That’s higher than the estimated damages from Hurricane Harvey or Hurricane Irma. And at least 85% of those damages are in Puerto Rico.
Those losses also do not include losses to uninsured properties – and only half of the homes in Puerto Rico are thought to have policies that protect against wind damage, meaning the grand total could easily near or top $100 billion.
Harvey caused more than $10 billion in insured losses, not including payouts that will come from residential flood insurance providers. AIR estimates Irma caused between $32 billion to $50 billion in insured losses in the U.S. and the Caribbean.
President Trump broke his Twitter silence on Puerto Rico Monday, saying “our hearts are with you” while also highlighting the debts of the U.S. territory.