Across south Texas and Louisiana, cities and towns continue to be impacted by the flooding as a result of Hurricane Harvey. Reports from various news sources only underscore the enormity of this storm – unprecedented rainfall and an extensive damage to homes, businesses, other structures, and sadly, loss of lives.
The Category 4 hurricane made landfall near Rockport, Texas late last Friday and is the worst storm to hit the US since 2004, the New York Times reported. While the center of the hurricane has veered off the coast, it appears that it may move inland over southeast Texas on August 30.
During this difficult time, UBS is committed to assisting its employees, its clients and its communities.
Below is an abbreviated list of resources available for anyone in need of assistance:
- The Federal Emergency Management Agency (FEMA) is providing assistance to those in need of immediate shelter.
- You may access services online at www.disasterassistance.gov, where you can apply for financial assistance, find rental properties and locate other resources to help you recover and rebuild.
- Current information on Hurricane Harvey, FEMA, Texas and Louisiana Emergency Management agencies and local shelter is available at https://www.fema.gov/hurricane-harvey.
- You can also download FEMA's app for Apple, Android and BlackBerry devices.
- The American Red Cross website has critical information on disaster and emergency assistance including finding shelter in affected areas in Texas and Louisiana; help with confirming the safety of loved ones; and tips on recovering after the storm. See
Meanwhile, the market impact of the storm remains to be seen fully. The UBS Chief Investment Office (CIO) said Hurricane Harvey has hit the oil production facilities in the Gulf of Mexico hard, taking refinery capacity offline in Texas. Meanwhile, high winds and flooding have also disrupted shale oil production in Texas.
While the Gulf of Mexico production should rebound quickly following security inspections, CIO said there is no historical comparison on how onshore production from shale basins will be impacted by a hurricane.
Is your portfolio prepared for what lies ahead? Together we can find an answer. Connect with your UBS Financial Advisor or find one.