Counting the cost of Hurricanes Harvey and Irma

The damage from Hurricane Harvey will total somewhere between $60bn to $100bn in 2017 dollars, making it the second most destructive storm on record after Katrina; Irma, at $30bn, will rank sixth, according to Patrick Newport, Executive Director, US Economics for IHS Markit. The hit to third-quarter GDP growth from these two storms is also estimated to be about 1.2%.