How much did Hurricane Irene end up costing? The storm caused between $7 billion and 13 billion in damages, according to ABC News. An estimate by the Consumer Federation of America puts wind damage, including downed power lines, at $5 billion and flooding damage at $2 billion. University of Maryland professor Pete Morici estimates that, once you factor in lost economic activity, the cost of the hurricane could be as high as $45 billion. FEMA, however, says it is too early to estimate damage costs.