The recent flooding in the Midwest has halted business operations for companies located along the Mississippi. The effect can be seen across the region, and even businesses not directly impacted by the flooding are suffering shortages of essential products and services. For some companies the disaster is resulting in an interruption of business, but many others will now be forced to start over from scratch.
According to the latest D&B data, out of the 1.1 million businesses in the 6 states and 212 counties damaged by the flood, 1,636 companies have been confirmed as directly impacted by the disaster. And the total number of confirmed cases is expected to rise significantly as business owners slowly return to assess the damage.
The effect that this natural disaster will have on the economy is still unknown. Agriculture has been the hardest hit, and the damage to that segment will send a ripple through all related industries. One piece of good news is that the insurance industry, already busy with California wildfire claims, is not expected to be overwhelmed with flood claims. According to Rep. Bruce Braley, D-Iowa, the federal government will provide 90 percent of the aid to businesses and homeowners, with the remainder coming from state and local governments.
You can read more coverage from D&B on the affected states and businesses, and find resources for companies in the area.
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