Hurricane Milton's massive path through densely populated areas of Florida could cause up to $245 billion in damage, making it the costliest storm in U.S. history, analysts said Wednesday. Ta.
The Category 4 hurricane is the strongest storm in the Gulf of Mexico since 2005 and is expected to make landfall along the southern Tampa area late Wednesday night.
More than 3 million people live in the West Coast region, and Tampa has avoided major hurricanes for more than 100 years.
“While it is too early to estimate insured losses, a major hurricane impact in one of Florida's most densely populated areas would likely result in “This could result in losses in the mid-double digits.”
The devastating storm could cause a total of $245 billion in property damage in the Tampa Bay and Fort Myers areas, according to Jefferies analysts.
“Some estimate that a once-in-100-year event would cost $175.” [billion] Loss from landing in Tampa area, $70 [billion] loss in [Fort] Myers region,” the analyst wrote.
Just two years ago, Hurricane Ian made landfall near Fort Myers as a Category 4 storm, causing more than $50 billion in losses. Ian was considered a once-in-20-year storm.
Hurricane Katrina, which burst the levees protecting New Orleans in 2005 and caused devastating destruction across the Gulf Coast, is currently the costliest hurricane in U.S. history, with $192.5 billion in damages. There is. According to the Weather Channel.
Floridians boarded up their windows and fled the state as authorities warned residents remaining in their homes were signing death certificates to weather the storm.
Tampa Mayor Jane Castor said Tuesday night, “The people in here are saying they're in a one-story house…the top of that house is two feet high.” “So if you're in it, it's basically the coffin you're in.”
Meanwhile, disaster funds are running low as government agencies poured money into damage caused by Hurricane Helen in Southeastern states last week.
Reinsurance broker Gallagher Lee estimates that Helen could have caused economic losses of at least $35 billion.
Small Business Administration officials warned that the agency has less than $100 million in new disaster loans and will run out of funds “quickly.”
“Our ability to fully respond to any disaster will be diminished, and that includes Milton.”,” Isabel Guzmán, the agency's administrator, said: told the New York Times on Tuesday night.
The agency, which helps whole communities recover after disasters while focusing on small businesses, said it will continue to process loan applications it accepts, but Congress must seek additional funding before making any new loan proposals. It is necessary to obtain approval from the
Parliament is not scheduled to reconvene until November 12th.
Climate-related superstorms are increasing rapidly in the US, prompting insurers to increase premiums, reports say New York Times report.
Prices are rising rapidly, especially in coastal cities and flood-prone areas.
Insurance brokerage firm Marsh McLennan estimates that commercial real estate insurance premiums rose an average of 11% last year across the country, and up to 50% in vulnerable areas like the Gulf Coast.
Insurance premiums may have doubled in some areas hit by the storm, brokerage firms said.
Insurance premiums now account for 8% of an apartment's operating costs, double what it was five years ago, said Paul Fiorilla, research director at data provider Yardi Matrix. told the Times.
