SAN FRANCISCO (MarketWatch) -- The impact of Hurricane Katrina will cut media spending by $1.13 billion over the period between August 2005 to September 2006, making it the costliest natural disaster to ever hit the media industry, according to a Tuesday report from research firm PQ Media. In the 20 U.S. media markets affected by the storm, this loss is expected to account for 2.2% of all media spending, PQ Media said. "The only catastrophic event to have a greater impact on media spending than Katrina was the September 11, 2001 terrorist attacks, which were man-made and affected media spending nationwide," said Patrick Quinn, president of PQ Media, in a statement.
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