By Staff

(CBS NEWS) – The economic impact of Texas’ weeklong freeze and power outages could rival the damage caused by some of the most destructive hurricanes ever to hit the U.S., according to an estimate from economists in the state.

As winter storms swept across much of the country last week, they shuttered oil and gas production, food processing facilities and manufacturing plants while plunging millions of people into darkness for days on end.

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Now many homeowners are dealing with burst pipes and other property damage from the unprecedented snow and cold.

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The Perryman Group, a Texas-based economic research firm, projected that Winter Storm Uri could end up costing a total of $195 billion on the low end and as much as $295 billion.

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