Two Cheers for America’s Energy Infrastructure

The southern United States has just experienced two of the most severe storms of the century: Hurricanes Harvey and Irma. The economic damage wrought by these disasters may approach $150 billion. While the loss of life has been fairly low considering the severity of these storms, the human cost in terms of individual suffering can only be imagined. But if history is a guide, the economies of Houston and other communities along the Texas Gulf Coast, as well as Florida cities hit by Hurricane Irma, will rebound quickly as huge flows of private property and car insurance, charitable contributions, flood insurance, business interruption insurance, FEMA disaster aid and other federal assistance pour into the region. In retrospect, the two storms should appear as mere blips on America’s economic radar screen.

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Source: Investor’s Business Daily

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