Report: Hurricane Michael Could Cause $13.4 Billion in Damage
IRVINE, Calif. — Research firm CoreLogic released a data analysis report late Monday indicating Hurricane Michael is putting 57,002 homes at risk in the Florida Gulf Coast — and has the potential to cause about $13.4 billion in damage.
The firm said the figure is based on projected storm surge damage from Hurricane Michael now expected to be a Category 3 storm at landfall. The storm continues to gain momentum and was upgraded to a Category 2 hurricane this morning, with reports indicating more than 300 miles of the Gulf Coast could feel the wrath. The storm is expected to make landfall Tuesday evening.
Hurricane-driven storm surge can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore.
CoreLogic projects the area that could be hit the hardest is the Crestview-Ft. Watson-Destin, Fla. area, where 29,340 homes are at risk of suffering more than $8.2 billion in damage.
The Panama City area also could be hit hard, according to CoreLogic, which says 20,390 homes are at risk and representing more than $3.9 billion in potential damage.
Additionally, about 7,300 homes in the Tallahassee region are at risk with the potential to represent about $1.2 billion in damage.
CoreLogic said it’s important to note the storm’s size and path could change over the coming days.