People walk across a makeshift bridge as a damaged bridge is repaired in the aftermath of Hurricane Helene flooding on October 8 in Bat Cave. Photo by Mario Tama/Getty Images
It will take years to fully realize the total social, environmental, demographic and economic damages from Tropical Storm Helene, Wells Fargo noted in a recent report, which added that the "out-migration" of residents and businesses will add a layer of uncertainty to recovery efforts.
A few estimates aim to capture the full extent of Helene's economic damage on western North Carolina.
By the numbers: Helene's total flood and wind losses are between $30.5 billion and $47.5 billion, CoreLogic estimates.
The total damage of Hurricane Helene is estimated to be $53 billion — the largest amount from a storm in state history, Gov. Roy Cooper's office said.
What they're saying: "The region's reliance on tourism, which appears to have dropped off significantly in recent weeks, could prolong the economic recovery," Wells Fargo wrote.
Also, western North Carolina tends to have higher poverty rates and lower insurance coverage — meaning households may struggle "to absorb the economic shock from Helene."
Given the potential for major out-migration, the bank continued, population outflows "could spark a decline in home values, decrease household wealth and lead to an increase in poverty rates."
