Economic cost of Hurricane Irma ‘could reach $300bn’

Experts say insurance firms could be liable for up to half that sum after Irma damages homes, businesses and key crops

The economic cost of Hurricane Irma could rise as high as $300bn (£227bn) as the storm lashes Florida, damaging homes, businesses and key crops including orange groves.

Analysts said about $2tn of property lay in the storm’s path, and also pointed to the potential impact on US food prices. Florida is the second-largest produce grower in the US and the world’s second-largest producer of orange juice.

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