Hurricane Harvey Damages in Texas May Lead to $90Bln in Economic Losses

Hurricane Harvey has not only taken away human lives, but has damaged Texas' infrastructure that could lead to economic losses worth $90 billion.

WASHINGTON (Sputnik) — Damages from Hurricane Harvey in the US state of Texas may lead up $90 billion in economic losses, the global risk modeling firm RMS said in a press release on Wednesday.

"Analysis by RMS, a global risk modeling and analytics firm, has found that economic losses caused by wind, storm surge, and inland flood from Hurricane Harvey could be as high as US $70-$90 billion," the release stated.

The economic losses are mostly a result of inland flooding in the city of Houston, and a majority of the losses will be uninsured because private flood insurance is limited.

RMS Head of Americas Climate Risk Modeling stated in the release that the economic losses in Texas are still uncertain because of the ongoing rain fall and flooding.

On Friday, Hurricane Harvey hit Texas as a category four storm. The hurricane has affected mainly southeastern Texas, including the city of Houston, in addition to southwestern Louisiana. According to media reports, up to 30 people have been killed as of Wednesday morning.