HURRICANE IAN DEVASTATES JOB MARKET
The impacts of Hurricane Ian will be something businesses will be dealing with for weeks, months, or even years. The total damage and economic loss of Hurricane Ian will be between $180 billion and $210 billion, according to AccuWeather Founder and CEO Dr. Joel N. Myers.
In the hardest hit areas of Southwest Florida, tens of thousands of people are out of a job and are likely to file for unemployment benefits, according to economists Many workers are in the tourism industry, and businesses could have difficulty rebounding.
Companies that planned ahead could have an easier time recovering. Mainly because they had insurance that can be used to replace buildings and equipment.
So how does this impact businesses? When workers file for unemployment benefits, businesses are indirectly footing the bill. Unemployment benefit payments are charged to businesses' tax accounts. So the more unemployment claims Florida has, the more companies will have to contribute, ultimately impacting the business' bottom line.
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