Hurricane Ida is sure to take a toll on the energy, chemical and shipping industries that have major hubs on the Gulf Coast, but analysts foresee modest damage to the overall U.S. economy. Retired Ripon College economist Paul Schoofs says the impact to the U.S. economy will likely be modest so long as damage estimates don’t rise sharply and refinery shutdowns are not prolonged. Schoofs says fortunately it appears most of the oil rigs were spared from damage. Schoofs says the hurricane is expected to inflict a less severe financial impact than Hurricane Katrina 16 years ago, thanks to a lower storm surge and New Orleans’ improved levee system, which is better able to withstand storm surges.
