Industry braces for US flood claims
Damage to infrastructure from last week’s floods in the US state of Iowa is expected to reach hundreds of millions of dollars.
Flooding rivers have forced the evacuation of Midwest towns, closed businesses, destroyed shops and taken out dozens of bridges.
The flooding is already drawing comparisons to the 1993 floods that caused more than $US20 billion ($21.3 billion) damage in the Midwest.
The National Weather Service says flood damage is likely to reach “hundreds of millions of dollars” but it could be weeks before the full effect is known.
This also depends on whether forecast rain floods other rivers, including the Mississippi.
US media has reported insurers will not be the only ones to bear the brunt of the cost, with many locals uninsured. One local told reporters nobody in the area has flood insurance “because this river never floods”.
Flooding rivers have forced the evacuation of Midwest towns, closed businesses, destroyed shops and taken out dozens of bridges.
The flooding is already drawing comparisons to the 1993 floods that caused more than $US20 billion ($21.3 billion) damage in the Midwest.
The National Weather Service says flood damage is likely to reach “hundreds of millions of dollars” but it could be weeks before the full effect is known.
This also depends on whether forecast rain floods other rivers, including the Mississippi.
US media has reported insurers will not be the only ones to bear the brunt of the cost, with many locals uninsured. One local told reporters nobody in the area has flood insurance “because this river never floods”.