[Craig Nigrelli]

HURRICANE SEASON, HERE IN THE UNITED STATES, HAS BEEN OVER FOR ABOUT TWO WEEKS BUT THE DAMAGE TOTALS ARE STILL COMING IN.
AND AROUND THE WORLD, DISASTER COSTS HAVE MOUNTED.
NOW WE LEARN THAT FOR THE FIFTH STRAIGHT YEAR **INSURED LOSSES** HAVE TOPPED $100-BILLION GLOBALLY, ACCORDING THE SWISS RE INSTITUTE.
THOSE ARE FINANCIAL DAMAGES COVERED BY AN INSURANCE POLICY. THE INSTITUTE SAYS TWO-THIRDS OF THE $135 BILLION IN INSURED LOSSES CAME AS A RESULT OF HURRICANES HELENE AND MILTON, AND A HIGH FREQUENCY OF THUNDERSTORMS IN THE U-S. HELENE WAS A CATEGORY FOUR STORM IN SEPTEMBER. IT POUNDED THE SOUTHEAST REGION OF THE U.S, WITH MORE THAN 40-TRILLION GALLONS OF RAIN, ACCORDING TO ACCU-WEATHER.
THAT LED TO DESTRUCTIVE FLOODING THAT WASHED AWAY ROADS, BRIDGES AND BUILDINGS IN MOUNTAIN TOWNS IN WESTERN NORTH CAROLINA.
HURRICANE MILTON CAME NEXT IN EARLY OCTOBER, ROARING ASHORE JUST SOUTH OF TAMPA, FLORIDA. MASSIVE FLOODING, STORM SURGE AND VICIOUS WINDS DID MOST OF THE DAMAGE. JEROME JEAN HAEGELI, THE CHIEF ECONOMIST FROM SWISS RE, SAID “ ECONOMIC DEVELOPMENT CONTINUES TO BE THE MAIN DRIVER OF THE RISE IN INSURED LOSSES RESULTING FROM FLOODS. “
THE BIDEN ADMINISTRATION HAS SENT A $100 BILLION REQUEST TO CONGRESS TO HELP AMERICANS, EFFECTED BY THE MAJOR DISASTERS IN 2024, AS WELL AS 2023.
THAT INCLUDES $40-BILLION FOR FEMA’S DISASTER RELIEF FUND. THAT’S FIVE TIMES, WHAT CONGRESS INITIALLY GAVE FEMA IN ITS ANNUAL BUDGET. HOWEVER, THE LEGISLATIVE YEAR IS WINDING DOWN, WITH THE SENATE, SLATED TO ADJOURN NEXT FRIDAY.
AND ITS NOT JUST THE UNITED STATES, THE INSTITUTE SAYS $10-BILLION IN INSURED LOSSES WERE ATTRIBUTED TO EUROPE, WHERE STORMS LED TO FLOODING IN THE CZECH REPUBLIC, POLAND, AUSTRIA, SLOVAKIA, ROMANIA AND ITALY. FOR MORE UNBIASED UPDATES, DOWNLOAD THE STRAIGHT ARROW NEWS APP