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— This is the script of CNBC's news report for China's CCTV on September 3, 2019, Tuesday.
Hurricane Dorian was degraded to level 4, but economy loss caused by it didn't reduce. Currently, it's hard to confirm how much loss caused as that depends on its path, especially its final path when turns to north.
AccuWeather, America commercial weather forecast institution, predicts that the economy loss caused by Dorian is around $8b to $10b, loss in transportation and tourism, including holiday cancellation, flight cancellation, hotel reduced revenue, tankers' path change and related preparation for the storm, contribute the major part. Apart from that, flood and storm that may land on US southeast coast area is another source of economy loss. Potential damage to crops, such as orange vegetables, is also notable.
Insurance industry comes at the front facing natural disaster. Dorian may bring a $25b loss to the whole insurance industry which will face a solvency risk, according to UBS.
UBS also added that, in 2017, total bill of payment in insurance hit a record with $135b, because of natural disasters such as hurricane, earthquake and volcanic explosion, and this situation was eased in 2018, but this year it seems grown again, with a $70b now. In the past 2 decades, frequency of strong hurricane increased, mainly because coastline development, sea water heats up, sea levels rise, and air moisture increases etc., so economy loss is also growing. Additionally, hurricane stays for a longer time is also a reason for more economy loss, according to related research.
From 1949 to 2016, average move speed of hurricane globally slows down about 10%, and that brings more heavy rain and floods, fueling up the economy loss of hurricane. When the local governments in Florida and other states are combating hurricane, US parties are still fighting over the budget.
It was reported by Bloomberg and CNN that Trump plans to use part of money that was allocated to FEMA
to deal with the deportation of illegal immigrants from Mexico.
This part of money is confirmed as $0.155b.
Which is negligible, comparing to the final loss caused by hurricane, but the struggle and the use of budgets make people wonder if US admins can solve the hurricane loss and disaster problems properly?