The North Carolina Office of Budget and Management said that preliminary estimates of damage caused by Hurricane Florence approach $17 billion.

That is more than three times the $4.8 billion physical and economic cost of Hurricane Matthew, which struck the state in 2016.

The state budget agency said that three categories drive approximately 80% of the direct and indirect damage estimates: business, housing, and agriculture.

More than 122,000 applications for federal aid have been filed following Hurricane Florence. Source: National Park ServiceIt estimates the impact on businesses and non-profits in North Carolina at $5.7 billion. More than 3,800 private-sector business and nonprofit properties incurred water damage, and more than 23,000 incurred wind damages.

To date, more than 122,000 applications for help from the Federal Emergency Management Agency (FEMA) have been filed. That compares with 82,000 applications for FEMA help following Hurricane Matthew.

Current estimates suggest that around 1.2 million households, or 30% of North Carolina households, have been affected by the storm, resulting in a preliminary impact estimate of $5.6 billion. While single and multi-family dwellings account for a significant portion of those costs, so-called “affordable, temporary, and supporting housing” damages are reported to be substantial and could increase as the recovery continues.

Florence also caused large-scale loss of crops and livestock with impacts estimated at around $2.4 billion. The figure includes $1.1 billion in crop, livestock and commodity losses and $117.7 million in farm buildings, equipment and infrastructure losses.

The budget agency said that initial estimates indicate at least $2.5 billion of potential federal aid (most of it in Community Development Block Grant-Disaster Recovery and FEMA funds). Private insurance coverage could amount to $4.6 billion. Even with insurance and government financial resources, a “significant gap” of $8.8 billion remains to cover the total damage estimate. The state said that gap will need to be met by a combination of federal, state and private aid.