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Moody’s RMS estimates $5-7bn in economic losses from California flooding
Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to infrastructure. The insured losses are anticipated to be between $0.5-1.5 billion, including losses to the National Flood Insurance Program (NFIP) and the private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides.
- Monterey Herald: Monterey County storm damage hits $120 million and counting
- KSBY: Storm repairs in Boulder Creek are off to slow start
- KVPR – Central California: Valley farmworkers lose out on work during rainstorms
- Los Angeles Times: Opinion - Why didn’t weather forecasts prepare California for the rain
- KEYT-Santa Barbara: Emergency work rapidly clears debris basins from local storm impacts
- Ventura County Star: ‘Absolutely unbelievable:’ Flooding, sink holes close popular Ventura preserves
- Daily Journal: ‘A lot of heartache’ - San Carlos residents, officials still assessing storm damage
- Market Watch: Heavy rains hammered California, causing billions of dollars in damage. But less than 2% of homeowners in the state have flood insurance.