Hurricane Milton could cause up to $175 billion in damage, according to preliminary estimates | Wilnesh News

Major Wall Street analysts say Hurricane Milton, a once-in-a-century hurricane, could cause more than $50 billion in damage, and in the worst-case scenario, could cause damage close to $175 billion or more.

This would add to the carnage Cyclone Helen has already caused, potentially creating a record-breaking path of debris.

“While it is too early to make insurance loss estimates, one of the most densely populated areas of Florida is The impact of a major hurricane could cause billions of dollars in damage. “Some estimates suggest that a once-in-100-year event could cause $17.5 billion in damage to the Tampa area and the Fort Myers area. $7 billion in losses. “

The extent of the potential is difficult to determine and depends on time and location, with landings closer to Fort Myers less expensive.

For historical comparisons, analysts need only look back two years, when Hurricane Ian hit the Fort Myers area as a Category 4 storm and caused more than $50 billion in damage. Ian is considered a once-in-20-year event.

“If Milton’s route through the more developed Tampa area continues, the potential damage could be even greater,” Kinard said.

Milton is also currently in Category 4, although it will likely wane by the time its full power is felt.

Wells Fargo noted that “the market currently appears to be pricing in over $50 billion in losses (over Ian).” The company set a broad range of potential losses, ranging from $10 billion to $100 billion.

The area has been shaken – 12 days ago Helen sped through the area, leaving a trail of devastation Moody’s estimates on Tuesday About $11 billion. In addition to property damage, Moody’s estimates that losses to the National Flood Insurance Program could approach $2 billion.

The company’s analysts have not yet estimated potential damage to Milton.

Mohsen Rahnama, chief risk modeling officer at Moody’s, said: “Hurricane Helen is the most impactful event of the 2024 hurricane season so far, but that could happen quickly as Hurricane Milton impacts Florida in the coming days. change.

Moody’s also pointed out that many of the hardest-hit areas in Helen do not have flood insurance, “which means that most of the losses will be uninsured and economic and property losses will far exceed insured losses,” said Firas Saleh, a director at the company. Land flood model.

Winds in Milton eased slightly Tuesday, but were still gusting to 145 mph. It is expected to hit Tampa on Wednesday morning, bringing 10 to 15 feet of storm surge to Tampa Bay.

While the danger and damage to the region is expected to be significant, the storm will not pose the same danger to neighboring states where Helen hits.