Estimate: Colorado flooding damages likely more than $2 billion

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DENVER -- Colorado’s record floods will cause economic damages greater than $2 billion, according to Eqecat, a “risk modeling” firm.

The estimate includes damage to homes and roads, lodging expenses for displaced people and the cost of restoring services, Eqecat said in a statement last week. The firm estimated that 1,500 homes have been destroyed, and thousands more damaged in at least17 counties. Most of the financial losses will be borne by residents, due to a low rate of flood insurance, the statement said.

“Restoring the destruction from this series of events will take time, further affecting businesses and residents,” Eqecat said in the statement. “Hundreds of miles of roads have been flooded. Many bridges and at least four dams have been damaged or destroyed.”

While high, the damage estimate in Colorado pales in comparison to damages from last year's Superstorm Sandy, which did as much as $50 billion worth of damage in New York and New Jersey, Bloomberg noted.