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A woman looks over damage caused by Hurricane Ida, Aug. 30, in Kenner, La. Photo: Scott Olson/Getty Images

Wall Street is only slightly adjusting estimates for how the economy will fare to reflect the impact of Hurricane Ida.

Why it matters: The muted national economic impact that’s been penciled in doesn’t capture the human cost of the historic storm: millions displaced or without power as Southeast residents now brace for flash flooding.

What’s new: The storm could cause a 0.2% drag on GDP, weighed down by “higher energy prices, supply chain disruptions and extensive property damage,” per a new report by RSM chief economist Joseph Brusuelas.

  • Moody’s will likely scale back its quarterly GDP forecast by a minimal amount, AP reports — but that would be made up for as rebuilding takes place.

What to watch: How long production remains offline for energy companies with major hubs along the Gulf Coast may impact gas prices.

  • Of note: Futures for natural gas — used for electricity generation — spiked in the wake of the storm.
  • Some 94% of average natural gas production in the region was shut down as of midday today, Reuters reports.

Any labor market impact would show up in the government's jobs report out in October.

  • But jobless claims data next week could show an uptick of people filing for unemployment insurance in the region.

The big picture: The financial toll isn’t estimated to be nearly as dire as that of Hurricane Katrina.

  • Analysts expect insured losses to be roughly one-tenth of the $90 billion-plus from Katrina, given Ida’s “wind field is smaller than Katrina’s, which likely narrows the area of catastrophic damage,” AP reports.

Go deeper

Updated Oct 27, 2021 - Science

Nor'easter slams East Coast with flooding rain and powerful winds

A residential area in Middlesex County as floodwater from the nor'easter covers streets in New Jersey on Tuesday. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

A monster storm was slamming the Northeast with record rainfall and powerful winds over Tuesday night — causing flash flooding that resulted in people having to be rescued in New Jersey and New York roads to close.

Threat level: All of southern New England and westward to New York City and northern New Jersey was under the threat of flash flooding and coastal flooding from the nor'easter through Tuesday night into early Wednesday, per the National Weather Service.

How a natural disaster can bring couples closer together

A couple walks through a neighborhood in Houston hit hard by Hurricane Harvey in August 2017. Photo: Michael Robinson Chavez/The Washington Post via Getty Images

As stressful and destructive as they are, natural disasters can bring married couples closer together, per new research out of the University of Texas.

How it works: UT researchers had surveyed 231 newly-wed couples about their relationship satisfaction when Hurricane Harvey hit the Texas coast in August 2017.

  • The storm submerged at least a quarter of Harris County, inflicting at least $125 billion of total damage in Texas and Louisiana.

Biden says presidency "will be determined" by outcome of spending plans

President Biden walks with House Speaker Nancy Pelosi after addressing the House Democratic caucus on Thursday. Photo: Jim Watson/AFP via Getty Images

President Biden told the House Democratic caucus Thursday "my presidency will be determined" by the votes he wants in the next week on his $1.75 trillion social safety net expansion and $1.2 trillion infrastructure package.

Driving the news: Biden made the comment, according to a source in the room, as he tried to rally support for the $1.75 trillion package. House Speaker Nancy Pelosi acted immediately, calling for a vote on the $1.2 trillion bipartisan infrastructure bill later in the day.