Storm Causes 30 Million Euros in Damage to Baltic Sea Yachts, Mostly Wealthy People Affected

A storm caused extensive damage to the Baltic Sea last October. An insurance company estimates that mostly wealthy people are affected.

The impact of the storm surge in the Baltic Sea in October is dire. According to Hamburg-based yacht insurance Pantaenius, the total damage to yachts and boats destroyed or damaged on the German coast is around 30 million euros. This is a level of damage that the company has only seen during the hurricane season in North and Central America. “We have never experienced anything like this before,” a spokesman for the insurance company told the German News Agency.

In addition, the insurer said it insured 400 ships affected by the storm. The resulting damage amounts to approximately 9.7 million euros. However, it is estimated that more than 1,000 yachts and boats were damaged on the German Baltic Sea coast. Surprisingly, the main problem was not the storm itself, but the flooding.

To date, the Hamburg insurance company has handled 61 total loss cases. However, the processing of the remaining cases is expected to last until next spring. A spokesman for the company noted: “In many places there is still a lack of shipyard capacity or capacity in repair shops.” Nevertheless, he accepts that many of the ships on which effect to launch again this year. Minor and mainly cosmetic damage could be gradually repaired.