NEW YORK (AP) - The damage from Hurricane Katrina could reach $50 billion, once damaged infrastructure is considered, according to a report from credit rating agency Standard & Poor's. Estimates of damages covered by insurance are as high as $25 billion, but "S&P believes this figure could easily be doubled" once damages to bridges and roads are assessed, S&P chief investment strategist Sam Stovall said in the report.
The ratings agency predicted Katrina would shave 0.5 percent off the nation's real Gross Domestic Product in the third quarter, a significant drop from the 3.3 percent annual growth recorded in the second quarter. The GDP measures the value of all goods and services produced within the United States and is considered the broadest measure of the country's economic standing.
