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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

Ben Geman, author of Generate
Nov 29, 2021 - Energy & Environment

Oil-and-gas leasing plan shows climate agenda's limits

Illustration: Sarah Grillo/Axios

The big policy news over the break was the Interior Department's Black Friday release of its review of oil-and-gas leasing policy.

Catch up fast: The long-awaited document recommends higher royalty rates, bidding costs and rental costs.

Flood-ravaged Pacific Northwest hit by more record rainfall

Satellite images taken last Friday of flooding in the Sumas Prairie to the east of Abbotsford in British Columbia, Canada, near the border with the U.S. Photo: Maxar Technologies

Rainfall records tumbled in Washington state on Thanksgiving night as the first of two atmospheric river events forecast for this week began threatening the Pacific Northwest, per the National Weather Service.

Why it matters: The region is still recovering from last week's atmospheric river that brought record rainfall, flooding and mudslides, with Washington and Canada's British Columbia particularly badly hit.

Kendall Baker, author of Sports
49 mins ago - Sports

College football gone mad

Former Notre Dame coach Brian Kelly walks in front of his players. Photo: David Madison/Getty Images

In the span of two days, the head coaches of two of the biggest college football programs in America have jumped ship, wooed by even greater challenges — and the almighty dollar.

Driving the news: Lincoln Riley is ditching Oklahoma for USC in a deal reportedly worth $110 million. LSU poached Brian Kelly from Notre Dame with a reported 10-year, $100 million contract.