I used to be a farm boy

I know how to do farm accounting on farm acreage lost to flooding.

Let us take total transactions, not double counted, applied to an acre per year, and it comes to about $40 grand, is a round number guess. Half of that is spring planting, now lost.  After the fact, we have food processing, shut down, part of. Acreage has a high multiplier down the path.

So, next quarter we are looking at ,hopefully, a half point reduction in GDP from the floods.  insurance costs will drive up short term rates and drive down asset prices, sort of a bad news scenario, multiplied across the shrinking retail.

So, Q2 we should see the Fed lower IOER, and cite the flood.  Even if flooding is not that bad, it is almost that bad and a good excuse for the Fed. It is within range of an innovation causing a reversal, a tear jerker too.