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Why was the cost of the damage for Hurricane Katrina, 2005, so high?

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Why was the cost of the damage for Hurricane Katrina, 2005, so high?

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I think it would have to do with the effects of the hurricane. Not so much the strength because Katrina was only a category 3 and Hurricane Andrew in 1992 was a 5 when it hit Miami and it wasn’t as expensive as Katrina. I think the problem was the levees because New Orleans is below sea level and when the levees broke, all the water would flow into the city and flood it completely. Also, Katrina was a category 5 but before landfall, it quickly weakened to a category 3 but it was still the size of a category 5. So, more areas were affected by it.

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