Natural catastrophes

19.5, storm damages

US: flooding inflicted a minimum of $35mn in damage upon homes and businesses in North Andover Massachusetts. One thousand nine hundred homes sustained various levels of flooding. At an average of about $16,000 of damage per home, the cost to homeowners could reach $30.8mn. The toll on North Andover businesses is currently estimated at $4.2mn, that number could grow quickly in the coming weeks. Local cities and towns have been asked to submit preliminary damage reports to state and federal relief officials. Gov. Mitt Romney has asked the Federal Emergency Management Agency to declare the state a federal disaster area, which could open the door for millions in federal grants and low interest loans for affected home and business owners.