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-- -- of the storm Fox Business Network correspondent Peter Barnes reports.
It might not be as negative for the country as it thank.
The tragic losses now from hurricane Irene could -- gains for the economy later.
Flooded homes close stores and employees absent from work are costing billions.
I have seen numbers.
A variety of people now reporting in the Green tea.
Five billion dollar insured loss range but that's just insured losses uninsured could be billions more.
Now the rebuilding begins.
Include reconstruction from the Virginia earthquake and the economic boost could be significant.
On Sunday investment firm Cumberland advisors increased its forecast for growth in the fourth quarter.
From a one to 2% annual rate to a two to 3% annual rate that could equate to about thirty billion dollars or more an extra spending in the quarter.
And more jobs especially in construction.
Assuming rebuilding and federal recovery funding begins quickly.
It's not our President Obama wanted to create jobs but He is proceeding with a new jobs plan that He will announce next week and today named Princeton economist Alan Krueger a labor economic expert to chair his council of economic advisors.
Right even as we deal with this crisis of the moment.
Our great ongoing challenges nation remains.
How to get this economy growing faster.
But the size of an economic boost from a hurricane recovery will depend a lot on how much extra money victims get.
From insurance companies or governments state local and federal.
And whether they divert any existing spending on cars vacations and other goods and services.
To rebuilding some Republicans say any new disaster spending from Washington.
Will be paid for with cuts elsewhere in the budget no deficit spending.
As has been past practice.
In instances like this and yes there's a federal -- Yes we're gonna find the money we're just gonna need to make short.
That there are savings elsewhere to continue to do so.
One major concern for some analysts is that this possible jump start for the economy may turn out to be only temporary.
And that stronger real growth won't take -- them to until Washington officials adopt better policies Shannon.
-- -- -- with the economic side of the storm thanks.
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