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Costs of Katrina - short and long term
Seeing the video of New Orleans and the rest of the Gulf Coast to be devastated. I'm wondering if the damage cost for this storm will be the highest monetary cost of any natural disaster in US history. Also, what about long term? Will the consequenses of having a major US city knocked off line for months have a financial ripple effect countrywide? I think it may. I'm in commercial real estate and construction and predict material prices will shoot up in the next 4 - 6 weeks. Also, I think there will be labor shortages in the rest of the country as trades move south in anticipation of years of rebuilding. Then there are the insurance companies - not that anyone really care about them, but this has the potential to bankrupt even the largest insurers. What are some of your ideas on long term effects?
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