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And eleven tornado season is already the eighth deadliest on record how much -- damages from this year's storms cost and who's gonna foot the bill.
Business weather intelligence from -- analytics CEO Fred fox joins us now Fred what's the latest cost -- that in the Joplin series of tornadoes alone.
Well as that you heard were looking at cost losses in the -- millions of dollars just from that one twister which is the worst on record.
With that said.
I mean you're you're looking at this insurance companies eulogy at a variety of different sources you -- in private donations.
To help get a lot of these people on their feet.
How much will the government the federal government and state -- local governments have to step in and provide.
Well I think it's been a lot of these things you're gonna find the federal and state government.
Is is -- gonna find a lot of this bill as far as getting that city back on its feet.
Overall it's going to be up to the people of that city that are gonna make it happen and I think if you've seen from a lot of the -- They are one tough group there that is really.
The determined to rebuild that town.
How does it work in terms of now you rebuild and tend to get insurance easily -- -- or the insurance companies say you know you're in this territory we're just not gonna ensure regulate the floods.
Well I mean most of these are going to be covered so you know -- most home ownership policies.
Are I mean are certainly going to be covered by this type of lost its not like the floods that are taking place where you see a lot of these buildings.
Aren't low lying flood areas that are just not going to be covered by in the assurance.
Anyway we're -- time frame are we looking air we're just looking at images of -- Wal-Mart that was just demolished I mean.
The destruction is just unfathomable.
I mean is this are we looking at.
Years to over ten yeah what Rick takes it to rebuild this kind of destruction.
Well I you know I.
I think that's really anyone's guess but I think we all can look at it and say that's probably going to take several years.
To rebuild it I mean I think you'll see some of the larger companies have so Wal-Mart store.
We'll probably be an action within the next six.
To eight months.
I would bet that they have that store.
Up and running.
Hey Fred isolated tornados look isolated tornado Alley and Oprah can -- you live in that part of the country tornadoes or does the fact of life.
Is this year any different and are we talking about long term economic impacts -- knowledge of the tornadoes in the midwest and the south Alabama and Georgia earlier.
As well as the floods are flooding along the subpoena is this year any different.
You know it's really not and after all the research that's gone on and I mean they've looked at the L meet you many years -- -- -- years the and that -- solar lunar.
Every factor that you knew what can I think that science today.
Really can't tie in any rhyme or reason.
Why we have some years that are worse than others so there's no conclusive evidence.
That says it just because we're having a bad year this year and which is the -- worst on record that next next year's going to be.
Less or more.
You know -- and I think that the bigger economic -- that's really coming out of this is really the switch.
That's taking place this week and next week from eight.
Cold wet spring which is just ruined sales of all types of spring summer merchandise and our moving into a warm dry pattern yeah I think what what you're gonna see throughout the eastern half but the nation is almost a feeding frenzy.
Into the stores where people are gonna feel warm there are gonna wanna be out the words you're into the sale of spring merchandise.
Fly right out through the -- Red -- and that economic.
Is that gonna far outweigh any type.
In the -- CC from you -- -- twisters is very interesting when you look at the broader based economic perspective thank you so much red be appreciated that can't.
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