New Damage Estimates Out on Memphis Summer Storm

October 24, 2003 - Posted at 4:14 p.m. CDT

MEMPHIS, TN - The latest damage estimates from a powerful windstorm that hit Memphis in July total just under $500 million.

The Insurance Services Office projected the storm will generate $60,000 in claims with property losses of more than twice that of an August estimate.

The agency says Tennessee municipalities, utilities, school districts and other public entities in the southwest corner of the state incurred more than $50 million in costs from the July storm.

The Federal Emergency Management Agency agreed to pay just over $20 million to individuals in Shelby and Fayette counties to cover uninsured losses.

The Small Business Administration has approved low-interest disaster loans totaling nearly $9 million.

Copyright 2003 by The Associated Press.  All Rights Reserved.