The year 2017 was one of the most active hurricane seasons with 35 named storms, 19 hurricanes, 10 major hurricanes at Category 3 or higher, and an estimate of more than $369 billion in damages [2017 Atlantic Hurricane Season | 2017 Pacific Hurricane Season]. Wind and flooding from these storms left communities and businesses devastated with costly damages. The Army Corps of Engineer’s research models estimates Houston’s commercial structure damages from Hurricane Harvey at $26.67 billion; commercial equipment damages at $45.98 billion; […] commercial revenues damages $5.85 billion.
Business Continuity Plans are now more important than ever to ensure the least amount of disruption in these major disaster events. A loss of operational activity leads to economic stagnation, loss of customers, and a decline in vendor relationships.
The closure of the massive refineries in Port Arthur and Beaumont, Texas from Harvey alone represented a shutdown of 3.2 million barrels a day or 17% of the total U.S. capacity according to the S&P Global Platts.
The net loss impact from hurricane Maria to Puerto Rico and the other Caribbean US territories could include $47.5 billion in real gross domestic product.
In the aftermath of Irma in 2017, roughly 22,000 hotel rooms stood virtually empty for a week in Miami Beach. The lost revenue from that stream alone is expected to top $25 million, according to city and industry tourism figures. In the event of a natural disaster, your business needs to recover quickly with minimal downtime.