Saturday, September 13, 2008
hurricane ike less damaging than expected
Don't get me wrong, there will be a lot of damage from this event - insured losses in the $15 to $20 Billion range, storm total impacts in excess of $60 Billion (if you include evacuation costs, etc.). But with what I see right now, my guess would be that the petrochemical industry recovers fairly quickly, with refinery down times in the days to 2 week time frame, not months. I think the biggest problem is going to be staffing and debris cleanup. The infrastructure was probably OK, but power and crews with damaged homes and cleanup issues will be a big problem.
despite some obviously opportunistic price gouging which received a lot of media attention, hurricane ike looks to have been a minor event.