The damage by Irene may reach $7 billion through the time the storm tapers in the coming days, an early estimate through consulting company Kinetic Analysis Corporation said.
Majority of the losses are likely to be from property damaged in New York and New Jersey. Insured damage from Irene will be near $2 billion and $3 billion, it said.
Kinetic's director of research and development Chuck Watson said the damage by Irene was under initially feared partly since it hit on a weekend, minimising the harm on businesses.
Watson said had Irene remained strong by the time it reached Nyc, damages could have been in the range of $30 billion.
Eqecat, which models the results of natural disasters, said Irene, which had diminished to a tropical storm through the time it hit New York, had caused an estimated $300 million in order to $600 million in insured losses in Puerto Rico, the Bahamas and Turks as well as Caicos.
In the Caribbean, Irene caused an estimated damage of $500 zillion to $1. 1 billion, mostly in the Bahamas, Puerto Rico and the actual Dominican Republic, Boston-based AIR Worldwide that analyses cost of storm damage, stated.
Irene had left at least 21 people dead in eight states, along with millions without power, as it thrashed cities from North Carolina to Boston with strong winds and heavy rains within the weekend.