Flood Econmonics

[Garufa]

Just got off the phone with my best friend from college who lives in Mt. Juliet and manages a restaurant at Opry Mills mall. Luckily, the corporation relocated him the day the rains came. His 60 employees are not so lucky.

I honestly have been to busy gawking at pictures and videos on the internet to consider the economic impact of the floods in Middle and West Tennessee.

Opry Mills is still under water. Between the mall and hotel there are literally thousands of people employed that will be without jobs...for a long time. Even management is not allowed in and probably not will until the end of the week. After that it will be months until things are cleaned up if they can be. Chances are there will be alot of demolition this year in Nashville.

The losses must be in the billions and not just of property.

I think the economic impact of this disaster will be staggering.

What are your thoughts, especially from the Middle TN crowd? My prayers go out to those affected by this catastrophe.

[56FordGuy]

I was thinking about this earlier. A lot of factories and warehouse facilities are underwater. Aside from the down time, product damage, etc associated with that, the facilities have equipment in them. Computers, copiers, forklifts, etc...odds are, those items will need serious repair, if not all out replacement. I'd guess very few of those businesses had flood insurance.

The cost of repairing/ replacing equipment may be enough to close some small companies. I hope not, though.

[Rightwinger]

Ugly

On par with Katrina or worse I would say from what I have seen and I haven't seen much with work.

Just one trucking company lost it's fleet (38 trucks at 50K each), the cargo on close to 100 trailers, their dock and facilities will need major repair.

Folks left and right, including one of our drivers are finding out homeowners will not touch this!! (why a homeowner doesn't know that I can't figure)

The bill will be weeks being calculated but Nashville just stepped back 10 years or more financially.

[TGO David]

On one hand you will have companies closing their doors as the result of lost profit and lost production. On the other hand you will have people who were already out of work going into full swing again as the result of the reconstruction that will be necessary.

There have been countless skilled tradespeople sitting on the sidelines because no one was building or renovating homes or commercial structures. Car sales will likely boom as the result of insurance payouts. All of that office equipment that was lost to flood water will have to be replaced. Debris will need to be cleared away. Etc and so forth.

Does it suck? Yes. But it will suck more for people who refuse to adapt and innovate. Your job yesterday may not be your job next week.

[Guest Broomhead]

The amount is simply staggering to me. I have a hard time imagining the immenseness of it all. So much damage, and like Garufa said, it's not just property damage. There are lost wages, lost education, lost lives, lost pets, etc. It just amazes me what water can do. So many people will be without, some longer than others.

Prayers and good vibes are definitely needed.

[Guest SUNTZU]

Your job yesterday may not be your job next week.

Quoted for truth. One of the most important things to keep in mind in times like these. Adapt, improvise, overcome.

[Erik88]

Just when the economy was starting to improve.... I was blown away by the pictures someone posted from that Facebook page.

[Garufa]

Just realized I might be mildy retarted, this thread is about the Economics of the floods, not whatever Econmonics is.

[kb4ns]

whatever Econmonics is.

Economy harmonics maybe?

[Mark A]

There will be some people that are completely devastated by this; especially those that were flooded and don't have flood insurance. But, tons of pople just got jobs back in the construction industry.

I doubt Opry Mills will be this way but Opryland Hotel already issued a statement that they were going to keep everyone fully employed until the hotel reopens. I hope that wasn't a feel good statement as it will be alot of money but maybe their insurance policy covers it.

Good for some, bad for others. It is up to us to help those that are on the wrong side of this.

Mark