Hurricane, Storm Surge Warnings Extended North Along Florida's Coasts Ahead of Irma

Credit NASA  NOAA GOES Project Getty Images

Credit NASA NOAA GOES Project Getty Images

Myers said economic costs include business disruptions, damage to personal property and a rise in gasoline and heating oil prices.

The September timing of Irma threatens economic damage that will spill over into the final three months of the year, extending the volatility the country was set to experience in the third quarter from Hurricane Harvey.

We want to continue to do that, but right now, the administration is focused on the recovery and relief efforts and as Tom said a few minutes ago, we'll look at that analysis the coming days and focus on the recovery and relief and saving life effort taking place.

- Domestic gas prices were expected to increase between 5 to 25 cents (US Dollars) per gallon, since there was a spike in demand, in preparation for the storm, and a decrease in supply as a result of refineries being shut down.

"One lucky aspect of living in Texas is that the deeper we get into fall the more likely those storms are to start turning east at lower latitudes", said Korty.

National weather forecaster AccuWeather has released a staggering prediction for what it will cost to fix the destruction left by Hurricanes Harvey and Irma.

Analysts estimate Harvey's financial damages could range from $80 billion to more than $100 billion. That's a lot of activity for the Atlantic, which averaged 12 named storms and six hurricanes per season between 1981 and 2010.

The damage caused by both hurricanes is equal to 1.5 percent of the USA economy. CNN reported that there was more than 48 inches of rain, marking the most rain recorded in the contiguous United States from a tropical storm.

A man makes his way out of flood waters as a home burns in the seventh ward of New Orleans during the aftermath of Hurricane Katrina, Sept. 6, 2005. Galveston was said to have virtually demolished the city of Galveston, Texas, when it finally made landfall. Rita's estimated cost of damages was $23.7 billion.

Due to Harvey and Irma, global investment banking firm Goldman Sachs on Saturday lowered its third quarter growth forecast of the US economy to 2 percent from 2.8 percent. Planalytics, a weather research firm that works with retailers, estimates that retailers and restaurants will not be able to recoup about $1 billion in sales losses related to Harvey. Windward Islands, Suriname, Guyana, Nicaragua, Honduras, Belize, Yucatán Peninsula, Texas, Louisiana were all badly affected by the hurricane.

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