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Economic Impact from Hurricane Save Email Print
Posted: 9:25 PM Aug 31, 2008
Last Updated: 9:25 PM Aug 31, 2008

A | A | A

It's not just the price of fuel that could take a hit from Hurricane Gustav and idle oil rigs in the Gulf. Billions of dollars are at stake in other Gulf Coast businesses from shipping to tourism. The Port of New Orleans has shut down as the Coast Guard closed the lower Mississippi river. Shipping companies have diverted cargo and sent ships out of the storm's path. Visitors have left the famed French Quarter, and most hotels have closed. Coastal casinos have shut down. Gustav's projected storm surge could cut through the heart of Louisiana's sugar industry, which includes 600 growers, 11 processing mills and an estimated half-billion dollars a year in crop value. Still, some experts think the economic impact might not be all that bad. One economist says 20 to 25 billion dollars in the context of a 10-trillion-dollar economy, "it's not really a very big deal."

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WIFR Detailed Forecast
WEDNESDAY: Cloudy skies, a few periods of light snow. Accumulations generally less than an inch. High: 26°/FALLING PM

THURSDAY: Generous sunshine, temperatures slide a bit. High: 24°

FRIDAY: Increasing clouds, breezy from the SW, milder. Light rain or snow developing very late in the day or at night. Sleet at night too? High: 36°

SATURDAY: A few flurries early in the day, otherwise partly sunny, breezy, and significantly colder. High: 19°

SUNDAY: Plentiful sunshine, temps still a bit below normal. High: 25°

MONDAY: Partly cloudy, a flurry or two? High: 27°

TUESDAY: Mainly sunny, colder once again. High: 21°

METEOROLOGIST MARK HENDERSON