Floods Still a Threat as Weakened Irene Moves On to Canada

In an early estimate, consulting firm Kinetic Analysis Corp. figured total losses from the storm at $7 billion, with insured losses of $2 billion to $3 billion. The storm will take a bite out of Labor Day tourist business from the Outer Banks to the Jersey Shore to Cape Cod.

The storm lost strength

As the storm lost strength, more than 4.5 million East Coast homes and businesses lost power, and anyway 21 deaths were blamed on the storm.

In Times Square, shops boarded up windows and sandbags were stacked outside of stores. Construction at the World Trade Center site came to a standstill.

More than 1 million homes and businesses lost power in Virginia alone, where four people were killed by falling trees, meanwhile one tornado touched down and about 100 roads were closed. Eastern North Carolina got up to 14 inches of rain, according to the National Weather Service. Virginia's Hampton Roads area was drenched with meanwhile 9 inches, and up to 16 inches in some places.

More than one million of the homes and businesses without power were in Virginia and North Carolina, which bore the brunt of Irene's initial fury. Irene caused flooding from North Carolina to Delaware, both from the 7-foot waves it pushed into the coast and from heavy rain.

This material may not be published, broadcast, rewritten, or redistributed. ©2011 FOX News Network, LLC. All rights reserved. All market data delayed 20 minutes.