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Economic Losses from Deadly Colorado Flooding Will Exceed $2B

EQECAT projects $2 billion in economic losses from the flooding in Colorado last month. Comprising nearly half of that total are property losses.

By Christina Bramlet | Updated on October 01, 2013
The massive flooding in Colorado, which has claimed at least eight lives already, continues to pummel areas where residents are otherwise accustomed to dry conditions. Late last month, EQECAT released its first comprehensive loss analysis in which the catastrophe modeling firm projected $2 billion in economic losses.

Comprising nearly half of that total are property losses: At least 1,500 homes have been destroyed, while some 20,000 homes have been damaged in more than 17 counties. Of course, these loss figures are expected to rise in the coming months, due in large part to the fact that damages are still unfolding. Flood waters shut down hundreds of natural gas and oil wells in the state’s main petroleum-producing region and triggered at least two spills, temporarily suspending a multibillion-dollar drilling project and raising pollution concerns.

Infrastructure and Environmental Concerns

Severe damage to roads, railroads and other infrastructure is also expected to hamper the region’s energy production for months to come, while analysts caution that images of flooded wellheads from the booming Wattenberg Field will increase public pressure to restrict drilling techniques, such as fracking.

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