Analysts believe Hurricane Nate could cause more than $4 billion in damage and take nearly 45 percent of the U.S. oil refineries in the Gulf coast out of commission.
Nate, a Category 1 hurricane barreling through the Gulf of Mexico, is expected to cause as much as $4 billion in economic loss across an area dotted with casinos and resorts. Only $1 billion of those losses would insured, according to analysts who measure damage from hurricanes.
“With Nate the big thing is you’ve got those tourist areas, the casinos and stuff, along the coast,” Chuck Watson, a damage modeler with Enki Research, told reporters Saturday. “Damage will be concentrated right on the Gulf coast of Mississippi and Alabama.” – READ MORE
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