Irene not as damaging as predicted, but impact still severe
While the impact of Hurricane Irene was not as severe as some of its projections, many parts of the East Coast are still recovering after high winds, driving rain and heavy floods caused significant damage.
The storm is responsible for more than 30 deaths and left more than 5 million people across several states without power Monday morning.
One consulting firm, Kinetic Analysis, predicted that auto and homeowners insurance companies would end up paying for up to $3 billion in damages, the Associated Press reports. While that number is staggering, it's half of the $6 billion paid out following Hurricane Isabel in 2003.
Some earlier estimates had said that damages could top $30 billion if the storm had passed directly over Manhattan as a hurricane. Officials with the Federal Emergency Management Agency told Bloomberg they were still assessing the damage and didn't yet have an official estimate.
Prior to the storm making landfall, President Barack Obama issued an emergency declaration for muliple states, the District of Columbia and Puerto Rico, making them available for federal aid. He has said it will "take time" for the country to recover from the damage.
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