Natural Disasters are Great for a Recession
"According the model, a hurricane with wind speeds of about 100 miles per hour — making it a 'weak' Category 2 storm — might cause on the order of $35 billion in damage if it were to pass directly over Manhattan…. Although far from the most likely scenario, this may represent a reasonable-worst-case estimate of what could happen if Hurricane Irene took exactly the wrong turn at exactly the wrong time…. Keep in mind that New York’s annual gross domestic product is estimated to be about $1.4 trillion — about one-tenth of the nation’s gross domestic product — so if much of the city were to become dysfunctional for [...]
