August Storms In U.S. Cause More Than $20 Billion In Damage

CHICAGO (CBS) -- A new reports say storms that hit the United States last month are costing the country's economy billions. Insurance company Aon evaluated the impact of the year's nature disasters worldwide and found Hurricane Laura led to at least $10 billion in economic losses, and Hurricane Isaias cost $5 billion.

Damage from the derecho in the Midwest could ring up to $5 billion. The storm whipped up nearly a dozen tornadoes and knocked out power to more than 850,000 families in the Chicago area.

Iowa was also hit hard by the derecho.

The record heat and wildfires in California may cost the U.S. economy more than $1 billion.