“Rebuilding will kick in quickly and a year or two down the road, these economies should be up and running in full strength,” says Mark Zandi, chief economist of Moody Analytics, regarding businesses that were affected by hurricane Irma in Florida.
Although there will be an estimated $60 billion to $90 billion in business and property damage as many businesses continue to struggle without electricity and many still remain inoperable, the losses are less than most had anticipated.
Still, business are suffering major financial losses and workers who are on hourly pay have been the most affected as many cannot receive their paychecks if the power is out and logs are electronic.
Joyce Chastain, an employment law consultant in Tallahassee, told KQED that “there will be many employers who just simply will not be in a financial position to continue to pay for several weeks, when they can’t be open to generate revenue.”
Read Full Story: KQED