Hurricane Harvey will go down as one insane storm.
And with any insane storm, comes huge costs to repair infrastructure and overall economic loss. Billionaire Warren Buffett said in a CNBC interview on Wednesday that if Harvey's uninsured losses blows past $150 billion, it will have a material impact to the U.S. economy. Buffett pointed out that such a figure "destroys wealth."
TheStreet's founder and Action Alerts PLUS portfolio manager Jim Cramer estimates the worst case scenario in terms of Harvey damages at $100 billion. Others on Wall Street also have big forecasts.
Chubb Ltd. (CB) , Travelers Corp. (TRV) and other insurers could face as much as $20 billion in losses from Hurricane Harvey, as extensive flooding in the Houston area leads to big claims on commercial-property policies, JPMorgan Chase & Co. has warned.
Property damages from Tropical Storm Harvey "in the range of $30 billion" could impede GDP growth in the third quarter of 2017, Goldman Sachs analysts said in a new note Tuesday.
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