WASHINGTON–The public sector can speed ongoing recovery from Hurricanes Katrina and Rita by building the Gulf Coast consumers' and businesses' confidence by working to ensure the area is better prepared for the next major storm, according to a new study.
That recommendation was contained in a report unveiled today by the Financial Services Roundtable, which also discussed the role of court rulings to ensure confidence on the part of insurers.
Dr. James Richardson, an alumni professor of economics at Louisiana State University, said typical recovery time from a hurricane is about 12 months, while the Gulf Coast region has still not fully recovered now, nearly 14 months after Hurricane Katrina.
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