Helene recovery could cost $34 billion. Here's who might pay for it.

• Hurricane Helene could cost upwards of $34 billion, according to Moody's Analytics, leaving Congress and private insurers with a hefty bill to split as the storm ravages the southeastern U.S.
• Given the eroded state of the private insurance landscape in some of the affected areas, the federal government may have to step in to subsidize the majority of the recovery effort.
• FEMA is currently addressing the Helene wreckage with a renewed budget but Congress is on recess until November, unable to approve any supplemental funding unless it returns to Washington early, a rare move.

The devastation wrought by Hurricane Helene across the southeastern United States could cost upwards of $34 billion, according to early estimates from Moody's Analytics.

And due to the eroded state of the private insurance landscape in some affected areas, Congress may have to foot the bulk of the bill.

"I wouldn't be surprised if [Helene] sends another monkey wrench into the insurance market," Moody's chief economist Mark Zandi told CNBC.

Uprooted trees, winds of 140 miles per hour winds and mass flooding ravaged towns and cities in Florida, Georgia, North Carolina, South Carolina, Virginia and Tennessee over the past week.

As of Thursday, the storm had killed more than 200 people and left hundreds more missing. Nearly 1 million people remained without power.

The Moody's report, released as Helene was making landfall last week, estimated that property damage could cost between $15 billion to $26 billion.

And the resulting economic slowdown could cost $5 billion to $8 billion in productivity losses.

These initial estimates are low and will likely be revised higher as the full scope of the storm's damage comes into view, Zandi told CNBC.

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