It may look bleak right now, but Texas will bounce back quicker than many think after Hurricane Harvey.
TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer expects Texas to be rebuilt faster after Hurricane Harvey compared to the rebuilding process for other cities after previous storms.
"This is Texas - it's a Republican administration," Cramer said. "Even the Republicans who are against spend will cave because Texas is a state that gets its way."
But, cleaning up will still prove costly.
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.