The economic cost was primarily due to government shutting business down, but they will of course try to blame it on
hurricane tropical storm Irene.
Irene shut down Broadway, took a bite out of Hollywood’s box office, closed casinos in New Jersey and canceled thousands of East Coast flights. But the economic fallout had been predicted to be far worse.
The full cost of the storm, which caused widespread flooding and has so far resulted in at least 22 deaths, was still uncertain as insurance experts began tallying the estimated damage Sunday.
Overall, the storm, which was downgraded from a hurricane to a tropical depression Sunday, could cost insurers $1.5 billion to $3 billion to cover claims for damaged homes, vehicles and businesses, said Jose Miranda, director of client advocacy at Eqecat Inc., a catastrophic risk management firm in Oakland. Total damage, including uninsured losses, could range from $5 billion to $7 billion, he said.