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Memorial Day weekend storm could cost US Gulf Coast economy $1B

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Memorial Day weekend storm could cost US Gulf Coast economy $1B

The first named storm of the 2018 Atlantic hurricane season emptied beaches over Memorial Day weekend and could cause more than $1 billion in economic losses to the southeastern U.S., Bloomberg reported May 27.

Subtropical Storm Alberto was moving through the Gulf Coast on May 27 and projected to make landfall early on May 28.

Chuck Watson, a disaster modeler at Enki Research in Georgia, told Bloomberg the storm could cause $400 million to $500 million in damage across the South and as much as $600 million in lost holiday spending.

The governors of Florida, Mississippi and Alabama declared states of emergency ahead of the storm.

Chevron Corp. halted oil production and evacuated personnel from its Blind Faith and Petronius platforms, Royal Dutch Shell PLC shut in its Ram Powell hub and Exxon Mobil Corp. pulled nonessential personnel from its Lena oil production platform, Bloomberg said. Other energy companies have so far left offshore crews in place.