Preliminary Estimate Places Hurricane Melissa Damage at Up to US$7 Billion Says Holness
The Government of Jamaica has placed the preliminary estimate of damage from Hurricane Melissa between US$6 billion and US$7 billion, equivalent to roughly 28 to 32 per cent of the country’s gross domestic product (GDP) for the 2024/2025 fiscal year. Prime Minister Andrew Holness provided the update in Parliament on Tuesday, noting that the impact of the Category 5 system would likely slow economic activity in the short term, particularly in the worst-affected parishes. “We anticipate a temporary slowdown in economic activity, particularly in the most affected parishes. Agricultural output will decline in the short term as farmers replant and livestock operations recover. The tourism sector,... »
