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Harvey & Irma Could Cost the US More Than $100 Billion

Harvey & Irma Could Cost the US More Than $100 Billion
WEBVTT AS WELL AS MAJORFLOODING.rtROYALE: SO HOW MUCH WILL THECLEANUP AND AFTERMATH COST?IT'S GOING TO BE A LONG PROCESSAND WILL COST A LOT.AIXA DIAZ IS LIVE IN OURWASHINGTON BUREAU, AIXA?rtREPORTER THE PRICE TAG FOR BOTHHURRICANES HARVEY AND IRMA COULDREACH THE HUNDREDS OF BILLIONS,THEIR ECONOMIC IMPACT IS ArtLREADYBEING FELT. BACK TO BACK HURRICANES HALEFT PARTS OF THE U.S. RAVAGED.rtPRES. TRUMP: IT'S GONNA COST ALOT OF MONEY, RIGHT NOW WE'REWORRIED ABOUT LIVES NOT COST.REPORTER: AS OFFICIALS ANDrtRESIDENTS SURVEY THE DAMAGE INFLORIDA AND BEGIN THE LONGRECOVERY IN TEXAS, THE PRICE TAGFOR HARVEY AND IRMA RISES BY THEDAY.ACCU-WEATHER PREDICTS THECONOMIC COST OF BOTH HURRICANESWILL REACH $290 BILLION.rt>> SMALL BUSINESSES AREESPECIALLY HURT.HOMEOWNERS WHO LACK FEDERALFLOOD INSURANCE ARE DEFINITELYON THE LINE FOR LARGE COSTS, ANDTHEN OVERALL WORKERrtPRODUCTIVITY.REPORTER: IN TEXAS, APPLICATIONSFOR UNEMPLOYMENT BENEFITS HAVESOARED IN THE WAKE OF HURRICANEHARVEY.rtTHE LAST SIMILAR SPIKE WAS 5YEARS AGO, AFTER SUPER STORMSANDY.IN FLORIDA, EXPERTS SAY, TOURISMCOULD TAKE A HIT IN THESHORT-TERM.rt>> IT LOOKS LIKE TO THE NORTHAND EAST OF KEY WEST, THESTORMS -- THE ISLANDS THERE TOOKTHE LARGEST BRUNT OF TrtHE STORMS.REPORTER: AMERICAN UNIVERSITYLECTURER PAUL BLEDSOE SAYS ONETHING THAT WrtILL HELP BOOST THEECONOMY REBUILDING IN AFFECTED, AREAS.>> IF WE CAN REBUILD EFFECTIVELYAND DO MAKE INVESTMENTS, USINGBOTH GOVERNMENT AND PRIVATESECTOR, WE CAN GAIN BACK A LOTOF THIS ECONOMIC GROWTH, BUT INrtTHE LONG RUN, IT IS A SERIOUSHITS.REPORTER: DRIVERS HAVE BEENPAYING MORE FOR GAS.EXPERTS SAY REFINERIES ARECOMINGrt BACK ONLINE, AND PRICES
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Harvey & Irma Could Cost the US More Than $100 Billion
Gauging the economic impact of this hurricane season. Applications for unemployment benefits have spiked in the wake of Harvey, as Irma continues to affect millions of Americans along the East Coast. Aixa Diaz reports from Washington.

Gauging the economic impact of this hurricane season. Applications for unemployment benefits have spiked in the wake of Harvey, as Irma continues to affect millions of Americans along the East Coast. Aixa Diaz reports from Washington.

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