Data: U.S. Department of Labor; Chart: Danielle Alberti/Axios

Over the past two weeks, 10 million Americans have filed for unemployment, with millions more to come.

Why it matters: The jobless hits right now are like a natural disaster hitting every state at the same time.

Hurricane Katrina killed more than 1,800 people and cost an estimated $161 billion in current dollars, making it the most expensive natural disaster in U.S. history, Axios' Bryan Walsh reports.

  • But those affected could find safety and aid outside the disaster area, and America's economy barely experienced a blip.

The big picture: In America, losing your job isn't just losing a paycheck — for many, it also means losing your health insurance.

  • About 3.5 million Americans have likely lost their health insurance because of job loss in the last two weeks, Axios' Bob Herman reported, citing the Economic Policy Institute.
  • Medicaid will serve as the major backstop, but its ballooning usage will strain state budgets. It also won't be a primary option for residents of the 14 states that didn't expand the program under the Affordable Care Act, and those people instead will hope to qualify for low-cost ACA plans, Bob notes.

The bottom line: The crush of applications is so bad that some states aren't able to keep up.

  • Florida's "unemployment website is essentially broken, dogged by longstanding glitches and a crush of people thrown out of work because of the coronavirus," the Tampa Bay Times reports.
  • "[T]he office received 1.5 million calls in the last week, with a third of them coming from Floridians looking to reset their PIN numbers. The PINs are required to log in to the site."
  • The program's director apologized today and said the department will revert to paper applications.

Go deeper

Virtual school is another setback for struggling retail industry

Illustration: Annelise Capossela/Axios

A virtual school year will likely push retailers even closer to the brink.

Why it matters: Back-to-school season is the second-biggest revenue generating period for the retail sector, after the holidays. But retailers say typical shopping sprees will be smaller with students learning at home — another setback for their industry, which has seen a slew of store closures and bankruptcy filings since the pandemic hit.

48 mins ago - Health

The pandemic hasn't hampered the health care industry

Illustration: Rebecca Zisser/Axios

The economy has been tanking. Coronavirus infections and deaths have been rising. And the health care industry is as rich as ever.

The big picture: Second-quarter results are still pouring in, but so far, a vast majority of health care companies are reporting profits that many people assumed would not have been possible as the pandemic raged on.

Column / Harder Line

How climate and business woes are sinking a natural-gas project

Illustration: Annelise Capossela/Axios

The Trump administration recently touted its approval of America’s first terminal on the West Coast to export liquefied natural gas. There’s just one problem: it probably won’t be built.

Why it matters: The project in southern Oregon faces political and business hurdles serious enough that those who are following it say it will be shelved. Its problems embody the struggles facing a once-promising sector that's now struggling under the weight of the pandemic and more.