Hurricane Harvey is likely to be the costliest natural disaster in US history

Hurricane Harvey has amounted to a loss worth $23 billion in US.

Hurricane Harvey
Hurricane Harvey Reuters

The devastating hurricane has left US with a terrible loss estimated to be as high as $75billion predicted by one of the forecasters. This natural disaster is expected to be one of the most expensive natural disasters after Hurricane Katrina in 2005, which caused loss worth $160 billion.

The loss put by the terrible disaster includes property damage, lost wage and disrupted business.

A loss of total $23billion worth of property has been experienced due to the heavy flood in parts of Texas' Harris and Galveston countries, according to a Reuter's analysis of satellite imagery and property.

The calamity was dreadful not only because it is a category 4 hurricane but also because of the heavy overflow and encroachment of water which has raided 30, 00 properties in the two countries, with a total market value of $23.4 billion.

Of the total loss, 26 percent is land value and the remaining is building and land development. Reuters has stated that 18 percent of the total affected area is residential in Harris country.

Hurricane Harvey not only caused property loss but also took business for a toss. Some of the largest oil refineries, ports, and airports of Houston have been shut down due to the damage caused by the hurricane. Gas price has hiked up due to the crashing of the major stations.

According to a research by National Oceanic and Atmospheric Administration, Hurricane Katrina in 2005 caused about $160 billion in damage, Hurricane Sandy in 2012 caused $70 billion, and Hurricane Ike in 2008 caused $34 billion.

The total damage analysis is expected to rise in the 2017 Hurricane Harvey, which has a possibility of surpassing Hurricane Katrina's loss.