Grapevine

Helene recovery could cost $34 billion. Here's who might pay for it.

An aerial picture taken on September 28, 2024, shows storm damage in the aftermath of Hurricane Helene in Valdosta, Georgia.

The devastation wrought by Hurricane Helene across the southeastern United States could cost upwards of $34 billion, according to early estimates from Moody's Analytics.

And due to the eroded state of the private insurance landscape in some affected areas, Congress may have to foot the bulk of the bill.

"I wouldn't be surprised if [Helene] sends another monkey wrench into the insurance market," Moody's chief economist Mark Zandi told CNBC.

Uprooted trees, winds of 140 miles per hour winds and mass flooding ravaged towns and cities in Florida, Georgia, North Carolina, South Carolina, Virginia and Tennessee over the past week.

As of Thursday, the storm had killed more than 200 people and left hundreds more missing. Nearly 1 million people remained without power.