Nightly Business Report (PBS) - 2005-09-02
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Read a transcript preview of “Nightly Business Report (PBS) - 2005-09-02” from malgent, uploaded on 2026-01-07.
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Language: English (original, YouTube automatic captions)
[0:03] [music]
[0:05] Good evening everyone. More than a
[0:07] hundred billion dollars, that's how much
[0:09] the damage from Hurricane Katrina and
[0:11] the ensuing flood in New Orleans could
[0:14] end up costing. The estimate was
[0:15] announced today by Risk Management
[0:17] Solutions, which had originally assessed
[0:19] the cost of Katrina at 25 billion. But
[0:22] that was before the levies burst in New
[0:24] Orleans, flooding at least 150,000
[0:26] properties, according to Risk
[0:28] Management. In fact, the firm says it's
[0:30] the most damaging flood in US history.
[0:34] >> The situation in New Orleans um
[0:36] indicates that actually probably people
[0:38] weren't sufficiently informed about what
[0:40] the probabilities were that this event
[0:42] could happen and what the consequences
[0:44] were actually going to be because the
[0:45] consequences I think are now proving to
[0:47] be much more significant than anybody
[0:49] had had actually thought through.
[0:52] >> Meanwhile, Congress pledged 10.5 billion
[0:54] dollars to fund the relief efforts in
[0:56] the Gulf Coast region. Nearly all of
[0:58] that money is earmarked for the Federal
[0:59] Emergency Management Agency. A half
[1:02] billion goes to the Department of
[1:03] Defense to help the victims of Hurricane
[1:05] Katrina. The president called the
[1:07] measure a small down payment for what
[1:09] will be a year'sl long rebuilding
[1:11] effort. Stephanie Dub reports.
[1:16] Walking the storm ravaged streets of
[1:18] Baloxy, handing out hugs along the way,
[1:21] President Bush saw the devastation and
[1:22] heard from survivors of Hurricane
[1:24] Katrina. While he admitted the results
[1:26] of the relief effort were inadequate, he
[1:29] promised to repair the reg