Midwest floods

The damage estimates are starting to roll in from the Midwest floods, and they’re staggering.

The American Farm Bureau Federation has put crop-related losses at around $7 billion -- and rising. Iowa alone accounts for more than half of that amount.

Add property damages of $1.5 billion to the total hit, and you arrive at a preliminary flood damage estimate of $8.5 billion.

That's a very low-ball number. And yet, it already puts the Midwest floods of ’08 at number two on the list of the most expensive non-hurricane flooding catastrophes in the US, ever. WunderBlog has that story.

Read it. And when you do, keep this in mind: Despite media neglect, global warming -- in part -- has caused the treacherous rains that have spawned those costly floods, as Climate Progress and many others have studiously catalogued.

The US corn ethanol industry is struggling, now that Midwest floods have washed out millions of acres of prime cropland, sending corn prices soaring and ethanol profits falling. If this statement by Citigroup is anything to go by, then it could be even worse than feared.

As quoted in MarketWatch:

As a result of the rapid margin deterioration, nearly 120 small to midsize ethanol producers "will be shut down over the next few months," said David Driscoll, an analyst at Citigroup, in a written comment released Thursday. There are currently about 160 ethanol plants in the United States, according to the Renewable Fuels Association.

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