VT analysis shows Helene caused estimated $630M in damages to VA agriculture
BLACKSBURG, Va. (WFXR) - A Virginia Tech economic analysis has determined the final estimate of damage from Hurricane Helene to Virginia's agriculture, forestry, and other industries is between $416 million and $630 million. John Bovay, Associate Professor in the Department of Agricultural and Applied Economics works with the Virginia Cooperative Extension to look into the damage estimate to inform federal and state relief. These estimates include the loss and replacement costs on farms as well as the future income for farms and communities that suffered from Helene. Extension agents in 23 locations and the Virginia Department of Forestry estimated $174.2 million in direct loss from the hurricane as of November 8. Bovay used their estimate to calculate future losses and the ripple effects directed toward the regional economy. Bovay has estimated the future income loss for farmers is $50.7 million which initially involved the land damage from the storm. Bovay emphasized the losses for Virginia farmers and producers of Christmas, trees, blueberries, beef cattle, and apples. The "ripple effect" was also evaluated by Bovay of farm and forest landowners' losses on the regional economy reaching between $191.1 million and $404.8 million. It is important to take into account both past and future losses when looking for state and federal relief findings because of the ripple effects within the economy, but also how farmers lose income. The indirect effects of Helene on North Carolina and Georgia were also accounted for therefore making the range of damage cost wider by taking into consideration the direct effects of the storm.
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BLACKSBURG, Va. (WFXR) - A Virginia Tech economic analysis has determined the final estimate of damage from Hurricane Helene to Virginia's agriculture, forestry, and other industries is between $416 million and $630 million.
John Bovay, Associate Professor in the Department of Agricultural and Applied Economics works with the Virginia Cooperative Extension to look into the damage estimate to inform federal and state relief.
These estimates include the loss and replacement costs on farms as well as the future income for farms and communities that suffered from Helene.
Extension agents in 23 locations and the Virginia Department of Forestry estimated $174.2 million in direct loss from the hurricane as of November 8. Bovay used their estimate to calculate future losses and the ripple effects directed toward the regional economy.
Bovay has estimated the future income loss for farmers is $50.7 million which initially involved the land damage from the storm. Bovay emphasized the losses for Virginia farmers and producers of Christmas, trees, blueberries, beef cattle, and apples.
The "ripple effect" was also evaluated by Bovay of farm and forest landowners' losses on the regional economy reaching between $191.1 million and $404.8 million.
It is important to take into account both past and future losses when looking for state and federal relief findings because of the ripple effects within the economy, but also how farmers lose income.
The indirect effects of Helene on North Carolina and Georgia were also accounted for therefore making the range of damage cost wider by taking into consideration the direct effects of the storm.
