Spring Disasters Cause Serious Economic Losses
JEFFERSON CITY, Mo. (AP) -- A month packed with tornadoes and flooding has caused billions of dollars of damage in Missouri, and the economic effects may be felt for years.
Experts say insurance premiums are likely to increase for home and vehicle owners in Missouri. Restaurants and retail shops in flooded areas are likely to see lower sales. Utility rates are likely to rise following a deadly tornado in Joplin. And Missouri's budget now is tens of millions of dollars deeper in the hole, which could force cuts to government services and schools.
Missouri may be an extreme example. But it's far from alone this spring. The recent tornado in Joplin and a series of twisters that ravaged the South are estimated to have caused a combined insurance loss of up to $8 billion.