Insured losses from winter storm Klaus, whose fierce winds ripped across parts of France and Spain over the weekend, could be in the billions of euros, according to preliminary estimates.

Klaus, a strong extra-tropical cyclone, made landfall in southwestern France Saturday. The storm traveled through southern France, causing widespread destruction, including damage to buildings, power outages, flooding and travel disruption. The winter storm, which brought winds of more than 150 kilometers per hour and reportedly killed more than 20 people, also caused widespread damage in northern Spain.

Catastrophe modeling firm EQECAT Inc. put its initial estimate for losses in France at &euro:800 million at &euro:2.5 billion ($1.06 billion and $3.30 billion), noting that it expects a similar total in Spain. Cat modeler AIR Worldwide Corp., meanwhile, estimated insured losses at between €350 million and &euro:700 million ($462 million and $924 billion.)

The French meteorological office, Meteo France, had issued a red alert for five departments in southwest France on Saturday as winds of 160 kilometers per hour and higher were recorded in the region. A gust of 184 kph was recorded in the eastern Pyrenees near Perpignan. Meteo France described the winds as some of the strongest recorded since records began.

Oakland, Calif.-based EQECAT said in a note to clients that gusts of up to 194 kilometers per hour were recorded over Spain, noting that the storm's highest wind speeds correspond to those in a Category 3 hurricane.

The storm was the most intense and damaging extra-tropical cyclone to hit the region since winter storm Marin in December 1999.

The lumber industry was particularly hard hit by the storm, and about 60% to 70% of pine trees in parts of the southwestern France were felled, according to reports.

While the region accounts for about a third of France's lumber production, only a small percentage of forests are insured against storm damage, according to AIR.