Katrina's cost: $100,000,000,000

[Ryan McGinnis]

Excerpt from The New York Times:

A risk management firm yesterday offered the first estimate of economic losses from Hurricane Katrina - $100 billion - and said that private insurance would probably cover less than a quarter of that. Federal money and charitable contributions may need to do the rest.

Saying the damage already appeared far greater than expected, Risk Management Solutions in Newark, Calif., said that insured losses would range from $20 billion to $35 billion, much higher than the firm's initial estimate of $10 billion to $25 billion.

The new figures suggest that Hurricane Katrina will cost the insurance industry more than any other natural disaster on record, unseating Hurricane Andrew in 1992, which cost $21 billion in 2004 dollars, according to the Insurance Information Institute, an industry group. Katrina's price tag may also overshadow the $23 billion in insured losses caused by four large hurricanes last year in South Florida.

But there is far more that commercial insurers will not absorb.

 

[Rob_Davis]

I'm curious as to what that estimate covers. Does that include rebuilding every home and business in New Orleans? If so, we can cut that number in half by abandoning New Orleans.

Of course, it goes without saying that it raises the question of where that money comes from. It also goes without saying that most of us can probably think of a long list of countries who ought not receive anymore foreign aid until this is paid for.

Sorry folks, our people come first. Call France for help.

 

[Anonymous]

I'm curious as to what that estimate covers. Does that include rebuilding every home and business in New Orleans? If so, we can cut that number in half by abandoning New Orleans.

Of course, it goes without saying that it raises the question of where that money comes from. It also goes without saying that most of us can probably think of a long list of countries who ought not receive anymore foreign aid until this is paid for.

Sorry folks, our people come first. Call France for help.

Thanks for bringing the politics into it. Certainly you have a hard time comprehending 60 countries including poor countries offering to America, too bad the government has yet to even accept any of it.

 

[Ryan McGinnis]

I'm curious as to what that estimate covers. Does that include rebuilding every home and business in New Orleans? If so, we can cut that number in half by abandoning New Orleans.

Of course, it goes without saying that it raises the question of where that money comes from. It also goes without saying that most of us can probably think of a long list of countries who ought not receive anymore foreign aid until this is paid for.

Sorry folks, our people come first. Call France for help.

Rob, I'm not a moderator but here is an observation of mine: you're seriously degrading the S/N ratio with posts like this. This forum is useful to many people as an outlet for information. Not every thread in here needs to degenerate into a war over political ideaologies. This forum will be locked up and packed on ice if the S/N ratio continues to dengerate. I humbly ask you to do your part to make sure this does not happen.

 

[David Wolfson]

Qatar has just contributed $100M to the recovery. Fair and fitting IMO, since they're making extra millions off the higher oil prices. I hope others do the same and that we accept it with open arms and willing hearts.

 

[Geoff Boyle]

Of course, it goes without saying that it raises the question of where that money comes from.

I'm sure the US military can do without another $100 billion for the time being.

It also goes without saying that most of us can probably think of a long list of countries who ought not receive anymore foreign aid until this is paid for.

Sorry folks, our people come first. Call France for help.

Is that a "thank you" for the amount of cash that the international community is sending you? Remember, we are sending the US our hard earned tax dollars, even though the US is more than capable of funding the entire relief effort.

Next time; think before you post content that decimates this board.