Helena and Milton could be among the most destructive hurricanes, with damages exceeding $50 billion

Photo: Satellite image of Hurricane Milton, October 7, 2024

While exact estimates are still being completed, Hurricanes Helena and Milton were so destructive that experts believe they will rank alongside Katrina, Sandy and Harvey, which caused damages in excess of $50 billion. Much of the damage, in the case of the Helena – about 95%, was not insured, which exacerbates the financial consequences for the victims.

While improved disaster preparedness has led to fewer storm-related deaths, Helena was an exception, resulting in a significant death toll. Damage from intense storms continues to mount, driven by rising recovery costs and climate change, which is causing storms to become stronger and produce more rainfall.

“Economic losses are rising as more infrastructure and housing are exposed to storms,”– Susan Cutter of the University of South Carolina told The Associated Press. –The loss of life is going down because people are more vigilant and focusing on preparedness.”

The National Oceanic and Atmospheric Administration (NOAA) has recorded 396 weather events in the past 45 years that caused more than $1 billion in damages, adjusted for inflation. Of those, 63 were hurricanes or tropical storms.

According to economist Adam Smith, who heads NOAA's National Centers for Environmental Information, $50 billion in damage is the threshold for “truly historic events.” Only eight hurricanes have reached that level, but Helena and Milton have a good chance of joining that group, Smith said.

Hurricanes with damages in the United States exceeding $50 billion in 1980-2023

The damage caused by Helena was mainly due to flooding: private firms estimated insured losses at $6.4 billion. In the case of Milton, wind played a more significant role, and insured losses amounted to between $36 and $60 billion. Experts warn that calculating the total damage can be difficult because of the vast nature of the destruction in different regions.

There are three categories of damage: insured, uninsured, and general economic costs. Many insurance companies only estimate insured losses.

Insurance company Swiss Re estimates that in the ten most destructive hurricanes, not counting Helena and Milton, insured damage accounted for 44%, or less than half of the total damage.

Prepared by: Sergey Daga