Irma, Harvey and Mary caused over $260 billion in losses

Hurricane Harvey, who hit the U.S. federal state in August, has cost $88 billion in property damage and $10 billion in economic production losses, showed data from the company's analysis Moody's Analytics.

According to data, Hurricane Irma, which affected the state of Florida in early September, caused destruction of $55.5 billion and 14 billion in lost production.

Meanwhile, Hurricane Maria, who struck Puerto Rico, caused damage to assets worth $55 billion and $40 billion in economic production.

This brought the total cost of three hurricanes to $226.5 billion, or about 1.4 per cent of US Internal Bruto production, which last year amounted to 18.5 trillion dollars.

The weather services company AccuWather, on the other hand, said on September 11th that it predicted that Harvey and Irma hurricanes would cost $290 billion.

As Hurricane Katrina reached a total cost of $174.5 billion in August 2005, Hurricane Sandy in October 2012 cost the American economy $73 billion, Moody's Analytics data showed.

Oil production falls considerably

The last three hurricanes had a negative impact on federal economies.

While Florida and Puerto Rico faced obstacles in tourism and the service sector, Texas was almost closed in the oil industry.

During the Harvey storm in Texas, oil production decreased until most wells and refinerys banned their activity, which also negatively affected the US oil sector.

Hurricane Harvey caused a break of 20 to 25 percent of the US refining capacity.

Growth Forecast Lowered

The three hurricanes also had a negative impact on the forecast of American growth.

Global investment banking company Goldman Sachs said on September 9th that it has reduced the third quarter rise in the American economy to 2 percent from 2.8 percent.

“We expect significant dragbacks in key growth indicators over the next two months”, the bank firm said in its statement.

The Federal Reserve system, however, said it does not expect hurricanes to have much impact on US economic growth in the medium-term.

“Urabies Harvey, Irma and Maria have destroyed many communities, causing major difficulties”, the Federal Open Market Committee (FOMC) said at the end of its two-day meeting on September 20th.

“Dations from storms and reconstruction will affect economic activity in the short term, but past experience shows that storms are unlikely to change the flow of the national economy materially over the medium term”, the FOMC statement said.

New York Federal Reserve President William Dudley said on September 8th that hurricanes would boost the American economy.

These hurricane effects tend to be passing. The long-term effect of these disasters, unfortunately, is that it actually increases economic activity, because you have to rebuild all the things that have been damaged by storms”, Dudley said in an interview for CNBC.