"Hasn't been as bad as they had feared" or "hasn't been as bad as they feared"

I can’t find other questions and/or information about the forms / tense I’m using in this sentence as most questions seem to be about the difference between "hasn’t" or "hadn’t".

Is the correct phrasing

• The storm has not been as devastating as many had feared, or
• The storm has not been as devastating as many feared

And, if either are semantically correct, what is the difference between these sentences?