CoreLogic: Rebuilding Costs from Southeast Tornado Outbreak Total Nearly $3B

The more than 86 tornadoes that ravaged through the Southeast earlier this month caused damage to 23,448 structures with a reconstruction value estimated at $2.95 billion, according to CoreLogic.

CoreLogic said more than 40,000 structures were affected across all regions by the powerful storms that hit on Easter Sunday, April 12 and into April 13, with the full reconstruction cost of over $5 billion.

The most damaging tornado, an EF3 with wind speeds up to 145 mph, occurred in Chattanooga, Tenn., and was responsible for 12,218 incidents of structural impact and $1.99 billion of the reconstruction costs, CoreLogic estimates.

Two severe tornadoes – an EF4 and EF3 – hit southern Mississippi, impacting upwards of 4,008 structures with a reconstruction cost of nearly $199.6 million.

Tornadoes that scattered across Georgia impacted more than 3,000 structures at a reconstruction cost of $262 million.

In South Carolina, tornadoes scattered across the state impacted upwards of 2,192 structures with a reconstruction cost of $209.4 million, while the Alabama tornadoes impacted upwards of 1,120 structures with a reconstruction cost of $215.7 million.

CoreLogic’s Tornado Verification Technology monitored the tornadoes over a two-day period and estimated structural impacts and reconstruction costs.

Adding to the regions challenges after the storm includes the COVID-19 pandemic that has led to social distancing requirements and quarantines across the region, CoreLogic said.

“Experts are concerned that nonessential business shutdowns will drastically hinder the ability of these towns to recover through reconstruction,” the catastrophe modeler said.

It added that, fortunately, aggregate materials should still be available for builders even though much construction has been halted because of the pandemic. Manufacturers should have ample supplies available for distribution, though there may be regional disparities accessing these resources.

For displaced homeowners in damaged areas, fewer hotels and restaurants are available to help and displaced living expenses may incurred as a result of the higher housing and commuting costs.

“With humidity, warm air and strong winds in the Southeast, many communities in the region worry that the coming storm season will bring more tornadoes and other severe weather. This will continue to be a challenge for the region as it simultaneously works to prevent the spread of COVID-19,” CoreLogic noted.

Source: CoreLogic