So far, Hurricane Harvey has proved to be one of the worst natural disasters that have ever hit United States. Most homeowners have been left devastated. However, those who managed to escape have been left with little or no financial help. The damages are estimated to be around $90 billion.
Extent of the damage
It’s estimated that 65 people were killed. When the hurricane hit, about 500,000 vehicles were on the ground. This translates to $5 billion in losses. Thankfully, the economy has remained on a solid ground. A week later after the flood, Houston is struggling to reopen for business. Here is some drone footage of the extent of the damage left by Harvey.
Not the first time
About ten years ago, Houston was hit by a hurricane that claimed many lives. At the same time, power was knocked out in about 2.5 million homes. This translated to about $30 billion in damage. It took 3 weeks to restore the power. Since then, the government has upgraded the drainage infrastructure and water reservoirs.
The blue-collar boom
Some businesses have actually benefited from the aftermath of the hurricane. With many cars submerged in water, the residents need new cars. Furthermore, there is a lot of cleanup to be done. One such opportunity that is on the public limelight is the hiring of laborers by Peyton Williams. Through a Facebook advert, the contractor hired 50 workers last weekend to work at a damaged apartment. According to business experts, businesses that open first will have an added advantage over the rest.
Many business owners are worried how they are going to meet the salaries of their employees after losing their business. The good thing is that SBA has started a disaster loan program worth $1.7 million. The loans will be offered as working capital loans to revive businesses. The interest rates will be half the rate of other loans offered in the private sector.
Last week, Houston’s shipping lanes and airport managed to open. However, with most waters ceded, the metropolitan area still looks virtually untouched. In neighborhoods like Meyer land and Kingwood, there are piles of debris everywhere. From an expert point of view, many businesses will struggle to reconnect with their customers due to the extent of the damage. According to reliable sources, president Trump is expected to donate $1 million to the affected victims.
Based on the magnitude of the disaster, it’s beyond any reasonable doubt that Houston will take years to recover from the disaster even with companies that renovate flood homes. The recovery may be more complicated as more rain is expected in the coming days.