Texas hit by severe storms
Severe storms swept across Texas, with over 65 million people in the path of damaging winds and heavy rain, disrupting power and transportation.
Power outages are a primary concern, with Texas businesses facing unique risks due to the state's independent ERCOT grid. Small businesses can lose an average of $1,000 per hour during an outage, while mid-sized companies can lose up to $8,000. The 2021 winter storm, which left millions without power, resulted in estimated financial losses ranging from $80 to $130 billion. Transportation is also significantly impacted, with road closures and infrastructure damage leading to substantial delays. A study of Texas flood events showed an average reduction of 68% in the number of trips, with some events causing disruptions equivalent to losing two full days of typical traffic. This can limit access to work, healthcare, and other essential services. The cost of weather-related damages in Texas reached $58.3 billion between 2017 and 2021, the highest in the nation. Of that, $44.2 billion was insured, leaving $14.1 billion uninsured. Flash flooding was the leading cause of property damage, accounting for $44.8 billion in losses.
