CNNMoney’s analysis found that 30 companies had donated $1 million or more by Wednesday morning. Verizon alone contributed $10 million on Tuesday.
Meanwhile, employee donation matching programs announced so far could bring in an additional $3.6 million. This figure will likely climb, as some companies left the amount they would match open ended, while others are also accepting customer donations.
Related: Impact Your World – How you can help
“The corporate response thus far has been strong,” Marc DeCourcey, senior vice president of the Chamber of Commerce Foundation, told CNNMoney.
However, it’s still too soon to tell how corporate donations to Harvey compare to other disasters.
“This disaster is still unfolding. … We’re still in the response phase, and in some instances the rescue phase. We’re encouraging companies all across America to give now, and to give to trusted nonprofits,” DeCourcey said.
Related: How much damage will Harvey cause?
In 2005, Hurricane Katrina and Rita in 2005 brought in more than $1 billion in business aid within the first six months of each disaster, according to the Chamber of Commerce Center for Corporate Citizenship.
The Indian Ocean tsunami in 2004 raised $566 million from corporate donations, while the 2011 Japanese earthquake and tsunami brought in $301 million. Hurricane Sandy in 2012 raised $141 million within the first six months in business aid, per the Chamber’s data.
Companies have also gone beyond just writing a check, such as volunteering, providing in-kind donations like water and food, and encouraging employees to donate by matching contributions, according to Mark Shamley, the president and CEO of the Association of Corporate Citizenship Professionals.
“The bottom line is companies have embraced their civic duty to respond to disasters in ways that transcend check writing,” he said.
When companies respond to disasters, they build a tremendous amount of good will externally and internally, says Una Osili, associate dean at the Indiana University Lilly Family School of Philanthropy.
“Employees themselves want to work within companies that are engaged in a broader social good and making the community better,” she said.
As Harvey pummels Texas, many corporate giants are overwhelmingly donating to the Red Cross.
“While it is too early to compare this disaster to any others from a financial perspective, we can say that we are extremely pleased and gratified by the outpouring of support we are receiving to help those affected,” a Red Cross spokeswoman told CNNMoney.
~ CNN News