The Explosive Cost of the 2024 Hurricane Season: A Massive $500 Billion in Damage

AccuWeather's track record for the 2024 hurricane season includes more accurate forecasts than the National Hurricane Center and all other known sources.

The record-breaking 2024 Atlantic hurricane season has come to an end, and the staggering figures are in - AccuWeather experts estimate a $500 billion in total damage and economic loss. This season, marked by five hurricanes and an unnamed subtropical storm, will go down in history as one of the most devastating and expensive ever recorded.

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"This has been a tremendously expensive and devastating hurricane season," said AccuWeather Chief Meteorologist Jon Porter. "Coastal communities were ravaged by wind and storm surge, while catastrophic flooding wreaked havoc on mountain towns miles away from the shore. Tornadoes even damaged homes and businesses over 1,000 miles from Hurricane Beryl's landfall. The 2024 hurricane season shattered records and left us with approximately $500 billion in total damage and economic loss. For perspective, this sum represents nearly 2 percent of the nation’s gross domestic product."

AccuWeather’s More Accurate Forecasts

AccuWeather's forecasts proved to be incredibly accurate, providing early warnings that helped families and businesses prepare. In February, months before all other sources, AccuWeather was the first known source to issue a special report predicting an explosive hurricane season. The accuracy of their forecasts saved lives and minimized damage.

For all storms in the Atlantic Basin:
-AccuWeather was 6.4% more accurate on track than the National Hurricane Center (NHC)
-AccuWeather was 4.1% more accurate on intensity than the NHC

For the East Pacific Basin:
-AccuWeather was 14% more accurate than NHC on intensity

AccuWeather's track record for the 2024 hurricane season includes more accurate forecasts than the National Hurricane Center and all other known sources.

READ ACCUWEATHER'S FULL REPORT ON THE 2024 HURRICANE SEASON

Unprecedented Damage and Economic Loss

The $500 billion damage estimate takes into account not only immediate destruction but also long-term and residual impacts. AccuWeather's estimates include uninsured losses, job and wage losses, crop losses, infrastructure damage, business and supply chain disruptions, travel delays, airport closures, evacuation and relocation costs, long-term tourism impacts, and emergency management and government expenses for cleanup and recovery efforts.

The numbers are staggering, with each storm contributing significantly to the total damage:

• Hurricane Beryl: Estimated at $28-32 billion

AccuWeather was the only source to issue a forecast track for the storm on June 27, 28 hours before the National Hurricane Center and all other known sources issued their first track. When analyzed for Beryl's entire lifespan, AccuWeather's track for Beryl was 12% more accurate than any other known source, and AccuWeather's average U.S. landfall point forecast was 11% more accurate than the National Hurricane Center.
 
As a result of AccuWeather exclusively issuing seven-day track and intensity forecasts and initiating forecasts well in advance of the National Hurricane Center and all other known sources' five-day track and intensity forecasts, AccuWeather provided, on average, 61 hours more advance notice on the forecast location and intensity of Beryl than the NHC and all other known sources.

• Hurricane Debby: Estimated at $28 billion

AccuWeather issued a track and intensity forecast for the storm on Aug. 1, 18 hours before the National Hurricane Center issued its first track and intensity forecast. When analyzed for Debby's entire lifespan, AccuWeather's track and intensity forecasts for Debby were more accurate than any other known source and 6.5% and 8.5% more accurate than the NHC, respectively.

As a result of AccuWeather’s exclusive seven-day forecast track and intensity forecasts, AccuWeather provided an average of 43 hours more advance notice on the forecast location and intensity of Debby than the NHC and all other known sources.

• Hurricane Francine: Estimated at $9 billion

AccuWeather issued a track and intensity forecast on Sept. 7, 24 hours before the National Hurricane Center issued its first track and intensity forecast. AccuWeather was also the only source that consistently and most accurately predicted Francine would be a Category 2 hurricane on the Saffir-Simpson Wind Scale at landfall. The NHC and other known sources flip-flopped on Francine's predicted peak intensity, twice predicting a Category 2 before dropping it back to a Category 1.

AccuWeather’s average Louisiana landfall forecast intensity was 40% more accurate than the NHC. AccuWeather’s forecast of the storm’s winds averaged 1.3% more accurate as compared to the NHC.

• Unnamed Subtropical Storm: Estimated at $7 billion

A tropical wind and rainstorm brought historic flooding and tropical storm conditions to parts of the Carolinas on Sept. 16. It was never officially named by the National Hurricane Center (NHC). Nearly 20 inches of rain fell along the North Carolina coast, and some locations were deluged by over 5 inches in one hour, causing catastrophic flooding. On Sept. 14, AccuWeather issued a track and intensity forecast 26 hours Before the NHC and all other known sources issued their first track and intensity forecast. AccuWeather customers once again exclusively benefited from this extra advance notice, enabling them to make the best decisions in preparation for the storm’s impacts.

The NHC never officially named the storm, which brought severe flooding, wind gusts to nearly 80 mph, and storm surge flooding to parts of North Carolina. In contrast, more than 26 hours before the government and other known sources issued their first track and intensity forecast for the storm, AccuWeather rated it a 1 on the AccuWeather RealImpact^TM Scale for Hurricanes, the second-level designation on the scale. This rating provides the most accurate, holistic view of the storm’s dangerous impacts, enabling people to be best prepared.  

• Hurricane Helene: Estimated at $225-250 billion

AccuWeather issued a track and intensity forecast on Sept. 16, 19 hours before the National Hurricane Center and all other known sources issued their first track and intensity forecast. AccuWeather used unique messaging starting on Sept. 25 to raise public awareness about a “once-in-a-generation” storm from eastern Georgia through the western Carolinas and southern Appalachians. AccuWeather was the only known source to warn that Helene "could cause a flooding disaster in some areas of the Southeast, especially in the higher terrain of northern Georgia, upstate South Carolina and western North Carolina." This language was not used by any known source to predict the magnitude of the disaster.

AccuWeather had a more accurate landfall forecast for Helene than any other known source. The AccuWeather intensity forecast was 52% more accurate than the NHC. The AccuWeather location forecast was 22% more accurate than the NHC.

• Hurricane Milton: Estimated at $160-180 billion

AccuWeather was the first known source to sound the alarm about a developing storm that would impact Florida. On Sept. 27, AccuWeather was the only known source to consistently predict a tropical storm or hurricane would develop and track toward Florida. Other sources, including the NHC, flip-flopped, first predicting development and then downplaying the risk before quickly reversing course.

On Sept. 29, nearly a week before Milton developed, AccuWeather was the only known source to say the storm “could bring damaging winds and flooding to Florida, including areas recovering from Helene” and that “rapid intensification is possible.”

AccuWeather issued a track and intensity forecast on Oct. 5, six hours before the National Hurricane Center. AccuWeather’s track forecast for the storm averaged 1.7% greater accuracy than the track forecast from the NHC. AccuWeather’s intensity forecast for the storm averaged 10% greater accuracy than the intensity forecast from the NHC. AccuWeather issued its first storm surge forecast for the Gulf Coast of Florida 41 hours before the NHC.

Public Health and Long-Term Effects

More than 230 deaths have been directly linked to this year's tropical storms and hurricanes. AccuWeather experts emphasize that the long-term effects of these weather disasters extend far beyond the initial impact. "The damage and suffering from hurricanes and extreme weather are often much greater than what is initially reported and what insurance typically covers," said AccuWeather Founder and Executive Chairman Dr. Joel N. Myers. "People experience trauma, lose their possessions, and end up with less money to rebuild, pay for health expenses, and eventually retire."

AccuWeather hurricane experts also highlight the increasing risk to public safety and strain on healthcare providers. Dr. Jonathan Tan, a pediatric anesthesiologist at Children's Hospital Los Angeles and partner with the AccuWeather Climate Impact Program, warns that children are particularly vulnerable. "Young children are uniquely susceptible to the impacts of hurricanes and weather disasters due to their physiological, developmental, and behavioral characteristics," Tan explained. "Their immature immune systems and smaller body size increase the risk of dehydration and temperature dysregulation."

Record-Shattering Storms

The 2024 Atlantic hurricane season defied climatology and obliterated records, with storms like Beryl becoming the earliest Category 5 hurricane on record in the Atlantic Basin. Helene, the second-deadliest tropical storm to hit the contiguous United States in 50 years, caused over 200 deaths and shattered storm surge records in Florida. Milton tied the all-time record for landfalling storms in Florida and produced an intense tornado outbreak across the state.

Better Prepare Your Business with AccuWeather's Hurricane Warning Service. Contact AccuWeather immediately to learn more. 

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