08.31.11 1:30 PM ET
Irene's Floods Rack Up Billions in Damage
Irene Ranks Among Costliest Storms Ever
Aug. 31, 2011 9:30 AM EDT
Maybe Hurricane Irene wasn’t overhyped after all: the storm is likely to rank among the 10 costliest catastrophes in U.S. history, according to The New York Times, with a pricetag of $7 billion to $10 billion. Flooding caused much of that damage, which means it won’t be covered by most insurance policies. Insurance companies normally cover half a storm’s costs but in this case they may cover less than 40 percent. Meanwhile, National Guard helicopters are transporting supplies into Vermont towns that have been cut off by the flooding. The town of Pittsfield held a barbecue as it waited.