Hurricane Milton is set to make landfall in Florida within hours, with Moody’s estimating that over $1 trillion worth of commercial real estate lies in the storm’s path.
According to a Tuesday update on its website, “More than 235,000 commercial properties statewide face a greater than 50% chance of experiencing wind speeds of at least 50 mph — the threshold at which damage becomes likely.” The estimated value of these vulnerable properties stands at $1.1 trillion.
Currently a Category 4 storm, Milton is projected to strike the west coast of Florida, particularly the Tampa Bay area, on Wednesday before sweeping across the state. This hurricane is among the most powerful recorded in the Atlantic over the past 170 years and is anticipated to bring widespread devastation to Florida.
Florida Chief Financial Officer Jimmy Patronis discussed the storm’s potential impact on “Varney & Friends” Tuesday, suggesting that insured losses could range from $10 billion to $20 billion.
The National Hurricane Center (NHC) issued a Wednesday morning advisory warning of “a large area of destructive storm surge, with peak inundations of 10 feet or more, anticipated along parts of the west-central Florida coast” as Hurricane Milton approaches landfall later tonight.
As of 5 a.m. ET, the hurricane was located roughly 300 miles southwest of Tampa, boasting maximum sustained winds of 160 mph.
“Rainfall totals of 6 to 12 inches, with some areas seeing up to 18 inches, are expected across central to northern Florida through Thursday,” the NHC cautioned. “This deluge poses a risk of catastrophic and life-threatening flash and urban flooding, as well as moderate to major river flooding.”
The NHC emphasized the importance of swiftly finalizing preparations to safeguard life and property, including readiness for prolonged power outages.
