Hurricane Idalia Leaves Devastation in its Wake, Causing Up to $20 Billion in Damage and Lost Economic Activity

Residents of Florida and other states on the East Coast are still reeling from the destruction caused by Hurricane Idalia. The storm, which began as a powerful hurricane before being downgraded to a tropical storm, killed at least three people in Florida and left around 330,000 customers without power in Florida, Georgia and South Carolina.

Desmond Roberson, who toured what was left of his neighborhood in Georgia, was shocked by the magnitude of the damage. The storm is expected to cause between $12 billion and $20 billion in damage and lost economic activity, according to Moody’s Analytics.

President Biden has signed a major disaster declaration for Florida and plans to travel there Saturday to get a firsthand look at the devastation. Many homeowners in Florida have returned to find their homes and businesses completely wiped out.

Powerful storms have regularly pummeled Florida’s coastal communities in recent years, and Hurricane Idalia has served as a stark reminder that the state’s insurance industry remains in flux. Cleanup is now underway in the aftermath of the storm, and residents are turning to their insurance policies in hope.