(TNS) -- The rampage of the worst Texas storm could leave behind $10 billion in damage to the state's roads, bridges, the region's energy complex that fuels the nation and other infrastructure, Moody's Analytics says.
The research firm says Tropical Storm Harvey could cost the Texas Gulf area $51 billion to $71 billion, the costliest U.S. natural disaster of the last three decades after Hurricane Katrina.
That includes $30 billion to $40 billion in damage to homes and cars, and costs to businesses of $10 billion to $15 billion. Add to that the $5 billion to $10 billion in infrastructure damage. In the Houston area, the residential market could feel the worst sting, weighing on the region's household wealth and economic consumption in the months after the storm, the firm said.
"Damaged roads and bridges will be repaired, and firms whose assets were damaged can largely rely on insurance to rebuild," Moody's said. "But a lack of flood insurance for homeowners will prevent the type of full-scale reconstruction effort that might otherwise be expected."
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