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David J. Phillip / AP

A preliminary insurance analysis released Tuesday by RMS (which advises hundreds of insurers and financial institutions on their financial exposure from natural and human-made disasters and catastrophes) puts the economic loss from Harvey as high as $90 billion.

Why it matters: Because up to 80 percent of the homes and businesses in Houston aren't insured for flood damage (either privately or through federal flood insurance programs), the financial toll could be catastrophic. "The majority of these losses will be uninsured, given that private flood insurance is limited," said Michael Young, who heads RMS' climate risk modeling in the Americas. This will present a challenge to Congress and the Trump administration when it begins work on aid for the area.

RMS said Tuesday that hundreds of thousands of individual National Flood Insurance Program (NFIP) policies will almost certainly be affected by the devastation in Houston. It could be the largest event ever directed at the federal flood insurance program managed by FEMA, the agency in charge of the program, RMS said. The majority of the economic loss is likely to be in the metropolitan Houston area, where there are more than 7 million properties worth $1.5 trillion.

Harvey has broken all U.S. records for a single extreme-rainfall event, with cumulative amounts in some regions as high as 51 inches. As a result, RMS estimates the economic losses caused by a combination of wind, storm surge and inland flooding could be as high as $70-90 billion. But the losses could be even higher. RMS won't issue its official insurance loss estimate for several weeks.

Go deeper

9 mins ago - World

U.S. intelligence expects a stormy year in the Middle East

A technical team explodes remnant ammunition near Sirte, Libya. Photo: Mohammed Ertima/Anadolu Agency via Getty

Ongoing conflicts, economic crises and the fallout from COVID-19 will likely destabilize several countries in the Middle East in 2021 and could even put some on the brink of collapse, according to the U.S. intelligence community's annual Threat Assessment Report, released on Tuesday.

Why it matters: The report is the most comprehensive assessment the intelligence community produces every year. It paints a portrait of conflicts, insurgencies, terrorism and protest movements across the Middle East.

Updated 11 mins ago - Politics & Policy

Officer Kim Potter arrested, charged with manslaughter in Daunte Wright's death

Photo: Bruce Bisping/Star Tribune via Getty Images

Kim Potter, the former police officer who fatally shot Daunte Wright outside Minneapolis on Sunday, was arrested and charged by Washington County Pete Orput with second-degree manslaughter on Wednesday.

Why it matters: The shooting of the 20-year-old Black man in Brooklyn Center, Minn., just ten miles from where George Floyd was killed by a Minneapolis police officer last year, has reinvigorated Black Lives Matter protests and led to three consecutive nights of unrest.

Tech dominates highest paying pandemic internships list

Illustration: Annelise Capossela/Axios

In the past year as the pandemic raged on, some of the world's most valuable companies continued to grow and compensate their workers well above national medians – interns included.

Driving the news: Workplace review platform Glassdoor published its 2021 report today on the 25 highest paying U.S. internships.