Hurricane season is in full force, with the U.S. dealing with the aftermath of a pair of damaging and deadly hurricanes in quick succession.
The southeastern U.S. has been hit by back-to-back hurricanes in recent weeks, with Hurricane Helene bringing devastating flooding to parts of North Carolina and Tennessee two weeks ago, while Hurricane Milton spawned a number of damaging tornadoes even as Florida’s Gulf Coast was spared the worst of its storm surge when it made landfall Wednesday.
The economic toll of those two hurricanes is still being tabulated as insurance claims come in amid the cleanup while businesses and schools return to normal operations.
While the 2024 hurricane season’s storms to date have brought both a human and economic toll to impacted areas, they fortunately haven’t ranked among the costliest hurricanes in U.S. history. Here’s a look at the most economically costly hurricanes in U.S. history.
HURRICANE HELENE CAUSED BETWEEN $8B AND $14B IN PRIVATE INSURED LOSSES: MOODY’S
#5 – Hurricane Harvey
Hurricane Harvey struck the southern and eastern U.S., particularly Texas and Louisiana, in 2017. It brought catastrophic flooding caused by rainfall in the Houston metro area and remains the wettest tropical cyclone the U.S. has experienced.
It inflicted damage amounting to roughly $30 billion in insured damage based on 2017 dollars (or $37.6 billion in 2023 dollars), according to a report by the Insurance Information Institute (III) citing Aon data.
#4 – Hurricane Sandy
Hurricane Sandy impacted the entire Atlantic Coast and 24 states, including those near the Great Lakes, when it hit in 2012, and brought severe flooding and storm surge to New York and New Jersey.
Sandy caused about $30 billion in insured damage when using 2012 dollars, or $39.9 billion in 2023 dollars, per the III report.
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#3 – Hurricane Ida
Hurricane Ida made landfall in Louisiana in 2021 as one of the strongest storms to ever hit the state. It went on to bring tornadoes and catastrophic flooding as it made its way from the Gulf Coast inland towards the Northeast.
Ida caused $36 billion in damage based on 2021 dollars, or about $40.5 billion when using 2023 dollars, according to the III report.
#2 – Hurricane Ian
Hurricane Ian struck Florida in 2022 and was the state’s deadliest since the 1935 Labor Day hurricane. The storm went on to inflict more damage in the Carolinas and Virginia.
Ian inflicted $54 billion in insured losses based on 2022 dollars, or nearly $55.8 billion in 2023 dollars, based on the analysis by Aon and III.
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#1 – Hurricane Katrina
Hurricane Katrina hit the Gulf Coast in 2005 and caused devastating flooding in New Orleans after the city’s flood protection system failed. The storm caused 1,392 fatalities, according to the National Hurricane Center.
Katrina caused $65 billion in insured losses in 2005 dollars, or about $101.9 billion in damage based on 2023 dollars, according to III and Aon.
