Floods do a lot of damage.
Floods also harm production, but Ireland has overcapacity at the moment. Flood repairs are labour-intensive, and a lot of stuff will need to be replaced. This will partly be paid for by the insurance companies, who will in turn get their money back from international reinsurers. Affected households will also tap their savings.
Flood restoration thus stimulates demand.
We don’t want floods. But if we must have floods, and if we could time floods, we would have them in the depths of a recession.
This is no consolation for those affected.
See also the Irish Times