Catastrophic events, such as hurricanes or terrorist attacks, are classified as disasters if either the associated property loss or the insurance payouts exceed 0.1 percent of GDP (in 2021, about $23 billion in current dollars). Losses of and non-repairable damages to the stock of fixed assets (structures, equipment, and software) associated with a disaster are included in "other changes in volume of assets," which are a subtraction in the derivation of net stock1. Disaster losses are not inc...| www.bea.gov