Hurricane Michael’s Damage Could Top $25-B

Hurricane Michael’s Damage Could Top $25-B

Hurricane Michael’s Damage Could Top $25-B

  • The monster storm made landfall Wednesday in the Florida Panhandle
  • Michael is the 4th-strongest hurricane ever to reach the US Mainland ever.

Hurricane Michael will probably end up causing at least $25-B (an perhaps more) in economic losses.

About $3-B of that will fall on the federal flood insurance program and private insurers may get hit with $9-B to $10-B in claims, according to Chuck Watson, a disaster modeler with Enki Research in Savannah, Georgia. About 50% the damage probably will not be covered by insurance.

The monster storm made landfall Wednesday in the Florida Panhandle, where most of the damage occurred.

The storm brought winds of 155 miles (249 kilometers) per hour, the 4th-strongest hurricane ever to reach the US Mainland ever. It hammered the area near Panama City uprooting trees and knocking down buildings, and has been blamed for at least 2 deaths in its path.

“Unlike several recent bad storms like Harvey, Florence, Michael is a traditional hurricane event where the most intense damage is in a narrow swath along the coast and along the track of the storm caused by either wind, waves or storm surge,’’ Mr. Watson said.

Most of the damage from Florence and Harvey was from inland flooding after the storms dropped record amounts of rain. Hurricane Florence landed in North Carolina in September and Harvey struck Texas last year when the wind played a far less significant role within both of those systems.

Michael was outside Charlotte, North Carolina, Thursday morning with 50 mph winds and is expected to move into the Atlantic Ocean overnight.

It will eventually get absorbed by larger weather systems at sea, but some of its energy could reach Europe by next week, said Paul Walker, a meteorologist at AccuWeather Inc. in State College, Pennsylvania.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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