The majority of the storm damage was from storm surge and wind.
Damage was estimated at $308 million, the equivalent of $5.1 billion adjusted for inflation in 2016 dollars, making it among the most costly hurricanes to strike the U.S. mainland.
It is estimated that, if an identical hurricane had struck in 2005, it would have caused $39.2 billion in damage due to changes in population and infrastructure.

Approximately 600 people died in the storm in New England, most in Rhode Island, and up to 100 people elsewhere in the path of the storm.
An additional 708 people were reported injured.

In total, 4,500 cottages, farms, and other homes were reported destroyed and 25,000 homes were damaged.
Other damages included 26,000 automobiles destroyed and 20,000 electrical poles toppled.
The hurricane also devastated the forests of the Northeast, knocking down an estimated two billion trees in New York and New England.

Freshwater flooding was minimal, however, as the quick passage of the storm decreased local rainfall totals, with only a few small areas receiving over 10 inches (250 mm).

Over 35% of New England's total forest area was affected.
In all, over 2.7 billion board feet of trees fell because of the storm, although 1.6 billion board feet of the trees were salvaged.
The Northeastern Timber Salvage Administration (NETSA) was established to deal with the extreme fire hazard that the fallen timber had created.
 In many locations, roads from the fallen tree removal were visible decades later, and some became trails still used today.
The New York, New Haven and Hartford Railroad from New Haven to Providence was particularly hard hit, as countless bridges along the Shore Line were destroyed or flooded, severing rail connections to badly affected cities such as Westerly, Rhode Island.

Due to the lack of technology in 1938, Long Island residents were not warned of the hurricane's arrival, leaving no time to prepare or evacuate.
Long Island was struck first, before New England and Quebec, earning the storm the nickname the "Long Island Express."
The winds reached up to 150 mph, with waves surging to around 25–35 feet high.

Yale and Harvard both owned large forests managed by their forestry departments, but both forests were wiped out by the hurricane.
 However, Yale had a backup forest at Great Mountain in northwestern Connecticut which was spared from the totality of the damages, and they were able to keep their forestry program running, which maintains operation today.
 Harvard's program, however, was reduced as a result.
The majority of the storm damage was from storm surge and wind. Damage was estimated at $308 million, the equivalent of $5.1 billion adjusted for inflation in 2016 dollars, making it among the most costly hurricanes to strike the U.S. mainland. It is estimated that, if an identical hurricane had struck in 2005, it would have caused $39.2 billion in damage due to changes in population and infrastructure.
Approximately 600 people died in the storm in New England, most in Rhode Island, and up to 100 people elsewhere in the path of the storm. An additional 708 people were reported injured.
In total, 4,500 cottages, farms, and other homes were reported destroyed and 25,000 homes were damaged. Other damages included 26,000 automobiles destroyed and 20,000 electrical poles toppled. The hurricane also devastated the forests of the Northeast, knocking down an estimated two billion trees in New York and New England.
Freshwater flooding was minimal, however, as the quick passage of the storm decreased local rainfall totals, with only a few small areas receiving over 10 inches (250 mm).
Over 35% of New England's total forest area was affected. In all, over 2.7 billion board feet of trees fell because of the storm, although 1.6 billion board feet of the trees were salvaged. The Northeastern Timber Salvage Administration (NETSA) was established to deal with the extreme fire hazard that the fallen timber had created.  In many locations, roads from the fallen tree removal were visible decades later, and some became trails still used today. The New York, New Haven and Hartford Railroad from New Haven to Providence was particularly hard hit, as countless bridges along the Shore Line were destroyed or flooded, severing rail connections to badly affected cities such as Westerly, Rhode Island.
Due to the lack of technology in 1938, Long Island residents were not warned of the hurricane's arrival, leaving no time to prepare or evacuate. Long Island was struck first, before New England and Quebec, earning the storm the nickname the "Long Island Express." The winds reached up to 150 mph, with waves surging to around 25–35 feet high.
Yale and Harvard both owned large forests managed by their forestry departments, but both forests were wiped out by the hurricane.  However, Yale had a backup forest at Great Mountain in northwestern Connecticut which was spared from the totality of the damages, and they were able to keep their forestry program running, which maintains operation today.  Harvard's program, however, was reduced as a result.
1938 New England hurricane