Recent storms cost economy up to $1 billion: PwC

A report by PricewaterhouseCoopers L.L.P. has said that recent storms have cost the Scottish economy up to £700 million ($1 billion), BBC News reported.

Insured losses are estimated at between £175 million and £350 million. Losses to the U.K. economy are projected at up to £2.8 billion, with insured losses totaling between £1 billion and £1.4 billion. Small businesses that were not covered for flood damage would have to pay on an average between £35,000 and £100,000 to repair their properties, said PwC.

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