U.S. Tornado Disaster Recovery: Insured Costs, Business Destruction
Indeed, the tornados that cut across Arkansas, Illinois, Kentucky, Mississippi, and Tennessee in early December 2021 will trigger about $3 billion in insured losses, according to catastrophe modeling firm Karen Clark & Company. This KCC estimate includes the privately insured damage to residential, commercial, and industrial properties and automobiles. Among the additional KCC report findings:According to a separate estimate, more than 100 local businesses in Warren County were destroyed by the storm, according to The Bowling Green Daily News.
Tornado Disaster Recovery: FEMA, Volunteers and SBA Loans
Amid that backdrop, President Biden declared Kentucky a major disaster area, and FEMA (Federal Emergency Management Agency) began to coordinate emergency response with volunteer organizations.
Meanwhile, the U.S. Small Business Administration (SBA) has introduced disaster loan assistance for businesses, private nonprofits, homeowners, and renters across multiple Kentucky counties.