Hurricane Harvey is "almost certain" to be at least the third worst storm in U.S. history when it comes to damage costs, according to Enki Research.
The firm's current estimate ranges from $48 billion to $75 billion, with an average of $57 billion. But those numbers are subject to change with each passing day.
"The computer models we normally use to do estimates for hurricanes don't really work that well for this kind of a storm," Chuck Watson, the director of research and development at Enki Research, said in an interview with "Power Lunch."
"This is more like a big, broad flooding low-pressure type thing and it's over such a large area that a lot of the normal assumptions that you build into the system start to break down."