Economic Impact of Hurricane Katrina

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IThe impact of Katrina on the housing market in New Orleans: overall economic consequences and racial discrimination following the disaster

|Maastricht University | | | | |School of Business & Economics | | | | |Place & date: |Liège | | | | |Name, initials: |Bontemps, GM | |For assessor only | | |ID number: |I6045122 | |1. Content | | |Study: |International Business | |2. Language structure | | |Course code: | | |3. Language accuracy | | |Group number: | | |4. Language: Format & | | | | | |citing/referencing | | |Tutor name: | | |Overall: | | |Writing tutor name: | | |Advisory grade | | |Writing assignment: |Resit Main Paper Academic Writing | |Assessor’s initials | |

Your UM email address: g.bontemps@student.maastrichtuniversity.nl

Table of Contents

Introduction1
Katrina’s overall economic impact1
The latent racial discrimination in New Orleans2
consequences of racial policies4
Conclusion5
References6

Introduction

In August 2005, Hurricane Katrina resulted in one of the major natural disasters in the history of the United States. It wais both the costliest and one of the five deadliest hurricanes recorded in America. Experts estimate the overall cost of damages from Katrina to be at $105 billion and at total of 1,833 confirmed deaths, which does not include victims who died in medical facilities or during the evacuation process. The hurricane destroyed an estimated 90,000 square miles of housing in the Deep South. Its consequences were particularly severe in New Orleans, where a dramatic failure of the levees let water flood 80% of the city. These surge protection failures are considered as the worst civil engineering disaster in the history of the United States. The floods severely damaged the overall infrastructure of New Orleans and eventually led to housing problems. The post-disaster political decisions have been highly criticized and are considered as one of the main reasons why victims are still suffering from Hurricane Katrina’s consequences years after the disaster. This paper aims at discussing the challenges encountered by low-income Black households of New Orleans to find post-disaster housing, due to the latent racial discrimination in American society. First, it will give a deeper insight into Katrina’s overall economic consequences. Then, it will analyze how skin color influenced the pre-disaster access to financial resources and how the situation for the local African-Americans’ post-disaster situation worsened after the disaster because of their class social status. Finally, the post-disaster policy resulting in ethnic shifts in New Orleans will be discussed.

Katrina’s overall economic impact

Katrina was the costliest hurricane in the history of the United States. However, the $105 billion federal reimbursement received by Louisiana...
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