The Economic Impact a Major Event Has on a City

By Allen Owen

Having been through eight major events in Missouri City as Mayor, I witnessed the economic impact that one single event can have on any City – Alicia, Allison, Rita, Ike, Harvey, the tax day flood and the Memorial Day flood – just to name a few major events. All had some financial and economic impact on businesses and homes. Yes, some only lasted for a short period of time, but some had longer lasting impacts. In most, if not all, of those instances, losses were covered to some degree by insurance claims. Companies could even apply for business interruption reimbursement through their insurance policies provided they had that coverage.

COVID-19 is a different major event – one that we have never seen before. It is not temporary, and in many cases, it has been fatal to both human life as well as businesses. Insurance does not cover pandemics for business interruption. Buildings and homes are not seeing physical damage to file claims. So, the business owner is trying to struggle to save both their business and employees by offering services they have never had to before. Some will not survive and will never recover. The stimulus packages offered help to some degree, if a business owner can even get one. Others are on their own and may not have the personal financial resources to make it.

We as a community have to do our part to help where we can. We need to adapt our own routines to a different way of life. Takeout food, wearing a mask and gloves when we are out, staying at home more, and in some cases, working from home. Some, unfortunately, have lost their jobs due to business closures and staff reductions. Those are adjustments that previous major events did not cause.

We have survived previous setbacks, and we will survive this one in time. We are a resilient community that cares for each other, and that is why we will survive this event – together.

The views and opinions expressed in Op-Ed are those of the authors and do not necessarily reflect the official policy or position of absolutely! focus media. Any content provided by our bloggers or authors are of their opinion and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything.