Property Damage From Hurricane Ida Could Total $20B
September 1, 2021
Hurricane Ida continues to leave a long trail of destruction across Louisiana, Alabama, and Mississippi. Damages could total between $15 billion and $20 billion, Wells Fargo and Fitch Ratings estimated. Ida is tied for the fifth-strongest hurricane ever to hit the U.S. mainland.
Hurricane Ida was predicted to damage 1 million homes along the Gulf Coast once it made landfall. The damage has been so extensive that officials warn it could take weeks to fully assess the extent of it. Further, more than 1 million homes and businesses in Louisiana and Mississippi have been left without power. All of New Orleans has been left without power in what officials there have called “catastrophic” damage to the power grid.
Ida made landfall on the southeastern coast of Louisiana as a Category 4 storm at noon on Aug. 29.
Real estate brokerages are jumping into a response. KW Cares, the relief arm to Keller Williams, announced Wednesday that it had already distributed 41 emergency grants to Keller Williams’ associates and their families affected by Hurricane Ida. The emergency grants are to support housing, food, and transportation needs. KW Cares also is planning to start distributing relief supplies on Wednesday.
The National Association of REALTORS® offers a Disaster Preparation Resources page at nar.realtor to help real estate professionals and their clients who have been affected to find the resources they need.
“Firms Estimate Hurricane Ida Could Cause Over $15 Billion in Insured Losses,” The Wall Street Journal (Aug. 31, 2021) [Log-in required.]; “‘At least I’m Alive’: Louisiana Residents Crawl Out From Battered Homes, Recount Horror of Hurricane Ida,” USA Today (Aug. 31, 2021); “Hurricane Ida Traps Louisianans, Shatters the Power Grid,” Associated Press (Aug. 31, 2021)
Updated: September 24, 2021