Hurricane Katrina caused at least $22.6 billion in flood damage to commercial and residential property in New Orleans — and nearly that much to private property in other areas hit by the storm last month, according to estimates released Thursday by a major risk assessment company.
The total flood damage was more than $44 billion, said AIR Worldwide Corp., a risk-modeling firm based in Boston.
Louisiana areas outside of New Orleans suffered $16.2 billion in damage from storm surge. Other estimates included $4.4 billion in water damage in Mississippi, $793 million in Alabama and $32 million in Florida.
The figures include water damage to residential and commercial property, including onshore oil facilities, but not roads, bridges or other infrastructure, the company said. [Read more - NOLA]
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