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		<h1 class="after-category single-article-title flex-item">Harvey to cost Texas $58 billion in losses</h1>
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												By <strong>AFP</strong>
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					31 August 2017 &nbsp; | &nbsp;
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				<div id="attachment_402426"class="wp-caption alignnone" ><img src="https://guardian.ng/wp-content/plugins/ventra-lazy-load/images/1x1.trans.gif" data-lazy-src="https://guardian.ng/wp-content/uploads/2017/08/Texas-3-957x598.jpg" data-lazy-srcset="https://guardian.ng/wp-content/uploads/2017/08/Texas-3-957x598.jpg 957w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-487x304.jpg 487w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-974x609.jpg 974w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-320x200.jpg 320w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-640x400.jpg 640w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-600x375.jpg 600w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3.jpg 1280w" class="size-medium wp-image-402426 lazyload" alt width="957" height="598" sizes="(max-width: 957px) 100vw, 957px"><noscript><img class="size-medium wp-image-402426 lazyload" src="https://guardian.ng/wp-content/uploads/2017/08/Texas-3-957x598.jpg" alt="" width="957" height="598" srcset="https://guardian.ng/wp-content/uploads/2017/08/Texas-3-957x598.jpg 957w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-487x304.jpg 487w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-974x609.jpg 974w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-320x200.jpg 320w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-640x400.jpg 640w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3-600x375.jpg 600w,https://guardian.ng/wp-content/uploads/2017/08/Texas-3.jpg 1280w" sizes="(max-width: 957px) 100vw, 957px" /></noscript><p class="wp-caption-text">People make their way down partially flooded roads following the passage of Hurricane Harvey on August 26, 2017 in Galveston, Texas. / AFP PHOTO / Brendan Smialowski</p></div>
<p>Economic losses in Texas from Hurricane Harvey, which is still pounding the water-logged US state with rain, will be some $58 billion (49 billion euros), disaster analysts in Germany said Thursday.</p>
<p>If that estimate holds, it would make Harvey the world&#8217;s 9th most expensive natural disaster since 1900, according to the Center for Disaster Management and Risk Reduction Technology (CEDIM) in Karlsruhe, Germany.</p>
<p>It would also push the yearly economic loss from earthquakes, floods, tsunamis, cyclones and other natural cataclysms past $100 billion for the 8th year in a row.</p>
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<p>&#8220;The damage is extensive at around $58 billion, and is over 90 percent due to flooding,&#8221; said James Daniell, senior risk engineer at CEDIM, and head of its Forensic Disaster Analysis Group.</p>
<p>The estimate carries uncertainty range from $41 billion to $80 billion.</p>
<p>&#8220;Depending on the next couple of days, we may see this estimate rise, as it only includes Texas at this point,&#8221; he told AFP.</p>
<p>The total &#8220;flooded exposure&#8221; &#8212; the value of all the capital stock inundated by water, whether five centimetres or five metres &#8212; in the affected area was estimated at $267 billion.</p>
<p>Other calculations of total economic loss have been considerably lower.</p>
<p>German insurance giant Hannover Re&#8217;s initial figure for damages was $3 billion, while JP Morgan estimated the insurance sector could be out $10-20 billion.</p>
<p>Disaster risk specialists Enki Holdings, based in Savannah, Georgia, put the total tab at above $30 billion.</p>
<p>&#8211; 41,000 natural disasters since 1900 &#8211;<br />
The CEDIM estimates are based in part on the largest database of natural catastrophes in the world, covering over 41,000 events since 1900.</p>
<p>They also reviewed new TerraSAR-X satellite data, which indicates a flood &#8220;footprint.&#8221;</p>
<p>To measure the region&#8217;s risk exposure, Daniell and his team used data from the US Bureau of Economic Analysis, which tracks investment.</p>
<p>&#8220;But we also checked that against building and replacement cost data,&#8221; Daniell said. &#8220;That&#8217;s usually the issue with a lot of other models &#8212; they don&#8217;t get the exposure right.&#8221;</p>
<p>Total capital stock in Texas is about $4.5 trillion, and for the entire United States the figure is about $56 trillion, he said.</p>
<p>The natural disaster with the highest economic costs &#8212; $218 billion was the 2011 Tohoku earthquake, which generated a monster tsunami that devastated a large swathe of Honshu Island and crippled a nuclear power plant.</p>
<p>In second place is the earthquake that levelled part of China&#8217;s Sichuan Province in 2008 ($162 billion), followed by Hurricane Katrina, which destroyed much of New Orleans in 2005 ($160 billion).</p>
<p>CEDIM&#8217;s detailed report on Hurricane Harvey&#8217;s impact on Houston can be found here: http://www.cedim.de/download/FDA_Harvey_2017_report1.pdf</p>
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                    <td class="name">CADBURY                        <small>CADBURY NIGERIA PLC.</small>
                    </td>
                    <td class="indicator">
                        <img src="https://guardian.ng/wp-content/plugins/ventra-stock/img/gain_tab@2x.png" width="12" height="7" alt="">                    </td>
                    <td class="perc">
                        +0.30%                    </td>
                    <td class="stock-value">
                        <div class="naira-value">
                            N15.10                        </div>
                    </td>
                </tr>
                            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
            				</table>
			</div>
            <div id="tab-3" class="tab-content">
                <table class="losers">                <tr class="single-loser">
                    <td class="name">CAP                        <small>CAP PLC</small>
                    </td>
                    <td class="indicator">
                        <img src="https://guardian.ng/wp-content/plugins/ventra-stock/img/lose_tab@2x.png" width="12" height="7" alt="">                    </td>
                    <td class="perc">
                        -1.70%                    </td>
                    <td class="stock-value">
                        <div class="naira-value">
                            N35.25                        </div>
                    </td>
                </tr>
                            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
                            <tr class="single-loser">
                    <td class="name">NB                        <small>NIGERIAN BREW. PLC.</small>
                    </td>
                    <td class="indicator">
                        <img src="https://guardian.ng/wp-content/plugins/ventra-stock/img/lose_tab@2x.png" width="12" height="7" alt="">                    </td>
                    <td class="perc">
                        -0.40%                    </td>
                    <td class="stock-value">
                        <div class="naira-value">
                            N131.00                        </div>
                    </td>
                </tr>
                            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
                            <tr class="single-loser">
                    <td class="name">ACCESS                        <small>ACCESS BANK PLC.</small>
                    </td>
                    <td class="indicator">
                        <img src="https://guardian.ng/wp-content/plugins/ventra-stock/img/lose_tab@2x.png" width="12" height="7" alt="">                    </td>
                    <td class="perc">
                        -0.30%                    </td>
                    <td class="stock-value">
                        <div class="naira-value">
                            N12.60                        </div>
                    </td>
                </tr>
                            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
                            <tr class="single-loser">
                    <td class="name">ETI                        <small>ECOBANK TRANSNATIONAL INCORPORATED</small>
                    </td>
                    <td class="indicator">
                        <img src="https://guardian.ng/wp-content/plugins/ventra-stock/img/lose_tab@2x.png" width="12" height="7" alt="">                    </td>
                    <td class="perc">
                        -0.25%                    </td>
                    <td class="stock-value">
                        <div class="naira-value">
                            N19.75                        </div>
                    </td>
                </tr>
                            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
                            <tr class="single-loser">
                    <td class="name">FBNH                        <small>FBN HOLDINGS PLC</small>
                    </td>
                    <td class="indicator">
                        <img src="https://guardian.ng/wp-content/plugins/ventra-stock/img/lose_tab@2x.png" width="12" height="7" alt="">                    </td>
                    <td class="perc">
                        -0.20%                    </td>
                    <td class="stock-value">
                        <div class="naira-value">
                            N12.30                        </div>
                    </td>
                </tr>
                            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
                            </table>
            </div>
            <div id="tab-4" class="tab-content tab-search">
                <table class="search-results">
                    <tr class="no-entry"><td colspan="4"></td></tr>            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
            <tr class="no-entry"><td colspan="4"></td></tr>            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
            <tr class="no-entry"><td colspan="4"></td></tr>            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
            <tr class="no-entry"><td colspan="4"></td></tr>            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
            <tr class="no-entry"><td colspan="4"></td></tr>            <tr class="gap"><td colspan="4">&nbsp;</td></tr>
                            </table>
            </div>
		</div>
        </section>
        <span class="break-widget"></span>		<div class="exchange">
			<div class="heading">
                <img src="https://guardian.ng/wp-content/plugins/ventra-exchange-monitor/img/zenith_bank_logo@2x.png" width="22" height="22" style="float: right; margin-left: 10px">
                <img src="https://guardian.ng/wp-content/plugins/ventra-exchange-monitor/img/guardian@2x.png" width="13" height="20" style="float: right">
				<h2>Exchange Monitor</h2>			</div>
			<table>
				<tr>
					<th>Currency</th>
					<th>Interbank Rate</th>
					<th>Parallel Rate</th>
				</tr>
				                        <tr>
                            <td class="currency_row"
                                style="background-image: url('https://guardian.ng/wp-content/uploads/2016/12/US@2x.png')">
                                USD                            </td>
                            <td class="">
                                306                            </td>
                            <td class="">
                                363                            </td>
                        </tr>
                                                <tr>
                            <td class="currency_row"
                                style="background-image: url('https://guardian.ng/wp-content/uploads/2016/12/GB@3x.png')">
                                GBP                            </td>
                            <td class="">
                                424                            </td>
                            <td class="">
                                <img src="https://guardian.ng/wp-content/plugins/ventra-exchange-monitor/img/currencydown@2x.png" width="15" height="15" alt="">500                            </td>
                        </tr>
                                                <tr>
                            <td class="currency_row"
                                style="background-image: url('https://guardian.ng/wp-content/uploads/2016/12/EU@3x.png')">
                                EUR                            </td>
                            <td class="">
                                378                            </td>
                            <td class="">
                                440                            </td>
                        </tr>
                        			</table>
			<div class="updated-time">
								Last Modified: February 16, 2018 at 8:55 am			</div>
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