Powerful winds and rain from Storm Ophelia have caused damage in Ireland that has been estimated at up to $1.8 billion.

However, another estimate suggests the range of losses is likely to be lower at between $580 million and $940 million.

The Enki Research Centre, in Savannah, Georgia, has put the estimated losses for Ireland at $1.8 billion, split between physical damage and economic disruptions, reports Artemis.bm.

Elsewhere, an initial estimated range reported by broadcaster RTE in Ireland, cited the lower range of figures. It also quoted Kevin Thompson, CEO of Insurance Ireland, who said it was too early to say whether insurance premiums will rise as a result of claims linked to Ophelia.

He also said it would be a few weeks before the extent of insurance claims are known.

Almost half-a-million homes and businesses across Ireland lost power as a result of the storm, which was downgraded from a hurricane as it hit Ireland on Monday. Wind gusts of 80 miles per hour were reported on the country’s south coast.

A few days before it reached Ireland, Ophelia was briefly a Category 3 hurricane as it passed south of the Azores in the mid-Atlantic Ocean.

In Northern Ireland, 200,000 customers had their electricity supply disrupted. The storm also caused damage in parts of Scotland, England and Wales. The Enki Research Centre expects the damage caused in the UK to be around $298 million.