Spokeswoman Calley Herth told The Associated Press that the early tally is based on visual assessments of the extensive damage zone stretching more than 17 miles and the fact that the tornado was on the ground for 40 minutes.
She said the financial cost of Monday's tornado in Moore could be greater than the $2 billion in damage from the 2011 tornado that killed 158 people in Joplin, Mo. Herth said that twister left a smaller trail of destruction.
With no reports of anyone still missing and with the death toll at 24 people, authorities and residents turned Wednesday toward assessing the damage and plotting a future course for Moore, a town of about 56,000 which was also hit by a massive tornado in 1999.
Authorities have yet to present concrete numbers for how many homes were damaged or destroyed, but the view from the air shows whole neighborhoods obliterated, with gouged earth littered with splintered wood and pulverized cars.
Dan Ramsey, president of the Independent Insurance Agents of Oklahoma, said a damage estimate in the low billions is "not surprising."
"Certainly it's in the hundreds of millions," Ramsey said. "I suppose seeing projections from similar disasters, it could stretch to a billion" or more.
More Nation & World Headlines
Cop indicted for murder in traffic-stop shooting Will ‘Happy Birthday’ song be free to use soon? Debris linked to missing Malaysian 777 2:15 a.m. Export-Import Bank excluded from highway bill 777 departs Aleutians after emergency landing House approves highway funding bill Taliban leader Mullah Omar dead, Afghans say Administration wants to give prisoners access to Pell grants
Our new comment system is not supported in IE 7. Please upgrade your browser here.