- Hurricane Milton made landfall as a Category 3 storm near Siesta Key, bringing winds of up to 100 mph, torrential rain, and multiple tornadoes.
- The storm has potentially impacted over 250K commercial properties in Florida, valued at $1.1T, though not all will face severe damage.
- Early estimates suggest losses could be in the billions, with analysts warning of higher damage assessments in highly populated areas.
Hurricane Milton made landfall in Florida overnight, crashing into the state near Siesta Key, about 70 miles south of Tampa, as reported by GlobeSt.
As a Category 3 storm, Milton brought severe conditions, including 100-mile-per-hour winds, torrential downpours, and several tornadoes, sweeping across central Florida before heading toward the Atlantic.
Too Early to Say
The storm’s intensity left a trail of destruction in its wake, and while early reports of damage are emerging, the full extent of the hurricane’s impact remains unclear. Preliminary reports indicate several casualties and extensive property damage. In St. Petersburg, the roof of Tropicana Field, the Tampa Bay Rays’ home stadium, was torn apart by the storm’s high winds.
Many commercial properties were in the storm’s path, with Moody’s estimating that over 250K buildings in Florida had a 50% chance of facing winds over 50 mph. These properties, collectively valued at $1.1T, may suffer significant damage, though not all will be seriously impacted.
By The Numbers
Though it’s too early for precise insured loss estimates, financial analysts warn that the damage could be immense, particularly in highly populated areas. Early projections suggest that a “once-in-a-century” storm hitting Tampa could result in $175B in damages, while landfall in the Fort Myers area could cause $70B in losses.
Jefferies equity analyst Yaron Kinar noted that depending on the storm’s path and strength, Milton’s damage could rival previous hurricanes. For example, Hurricane Ian, a Category 4 storm, caused $50B in losses when it hit near Fort Myers in 2022. Even smaller hurricanes, like Hurricane Sandy in 2013, show how unpredictable storms can be.
Adding Up The Numbers
While the storm has crossed Florida and is expected to move into the Atlantic by this morning, the real toll of Hurricane Milton won’t be known until daylight reveals the full scope of the destruction. Emergency crews and local authorities are beginning to assess the damage, but it could take days or weeks before the true financial and human costs of the storm become clear.
As residents and businesses wait for recovery efforts to begin, the hurricane’s aftermath serves as a stark reminder of the increasing severity of storms and the growing risks to both coastal and inland regions from extreme weather events.
