The Costly Aftermath of Hurricane Idalia: A Looming Crisis

Hurricane Idalia is estimated to have caused between $12 billion and $20 billion in damage and lost output, according to Moody's Analytics. While the price tag is significant, it is considerably lower than other major hurricanes due to the storm's relatively fast speed and its landfall in Florida's Big Bend, an area with fewer people and lower property values. Moody's warns that as climate change leads to more frequent and intense storms, events like Hurricane Idalia will become more common in the future. Official estimates of insured losses will be released by Moody's RMS in the coming weeks.