RALEIGH, N.C. — In a new report released by the North Carolina Office of State Budget and Management, the updated damage estimate from Hurricane Florence has increased to $17 billion, up from an earlier estimate of $13 billion.
“Six weeks ago, Hurricane Florence’s powerful storm surges, winds and rains brought unprecedented devastation to our state, causing an estimated $17 billion in damage,” said North Carolina Gov. Roy Cooper. “I’ve spent time since then visiting with families, businesses and local officials in the impacted area and it’s clear that we have to recover smarter and stronger to better withstand future storms.”
Damage from Hurricane Florence has topped the charts for storm damage across North Carolina. Hurricane Matthew caused $4.8 billion, and when adjusted for inflation, Hurricane Floyd caused between $7 billion and $9.4 billion.
To date, more than 130,000 people have registered with FEMA for individual assistance and more than $108 million in individual assistance has been approved for homeowners and renters. Additionally, Small Business Administration loans have been approved for nearly 400 hurricane-affected small businesses.
The updated figure is based on new data from the North Carolina Department of Insurance, as the original $13 billion figure was based on estimates and projections. As data becomes available, figures will be adjusted to reflect actual costs.