Hurricane Harvey potential Texas reconstruction cost at $40bn

Data provider CoreLogic said on Aug. 24 that Hurricane Harvey could, based on a Category 3 prediction, put at risk of hurricane-driven storm surge damage 232,721 homes along the Texas coast with a reconstruction cost value of approximately $39.6 billion.

Hurricane-driven storm surge flooding can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. Current projections do not expect Hurricane Harvey to exceed a Category 3 storm.

Hurricane Harvey is forecast to continue intensifying prior to making landfall as a major hurricane along the middle Texas coast on August 25/26, according to Aon Benfield’s Aug. 25 Weekly Cat Report. Harvey (or its remnants) is forecast to remain over the western Gulf of Mexico region through the early part of next week bringing heavy rain and flooding to the Texas Gulf Coast, inland southeast Texas, and southern Louisiana on August 27-28. High winds are also forecast for southeastern Texas as Harvey is expected to still have tropical storm-strength winds through August 27-29. Total rainfall amounts are forecast to exceed 10 inches across a large area while isolated areas could see as much as 30 inches of rainfall during the period.

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