Hurricane Milton threatens 235K commercial properties, Moody's estimates
Rep. Greg Steube, R-Fla., discusses how his district is preparing for Hurricane Milton, Rep. James Comer calling for a review of FEMA, the federal governments response to hurricane season and the use of FEMA funds for illegal migrants.
Hurricane Milton is just hours away from hitting the state of Florida, and Moody's says more than $1 trillion worth of commercial real estate alone is in the powerful storm's path.
«More than 235,000 commercial real estate properties in the state have a greater than 50% probability of being exposed to wind speeds of at least 50 mph — the wind speed at which some damage is likely,» Moody's stated in an update on its website Tuesday. «The total estimated value of these properties is $1.1 trillion.»
An aerial drone view of the Tampa Bay, Florida, skyline. Moody's estimates some $1.1 trillion worth of commercial property is in the path of Hurricane Milton. (Joe Sohm/Visions of America/Universal Images Group via Getty Images / Getty Images)
The hurricane, which is currently a Category 4, is expected to hit Florida's west coast, including Tampa Bay, on Wednesday before traversing the state.
Milton is one of the strongest hurricanes in more than 170 years of recordkeeping in the Atlantic, according to FOX Weather, and the storm is expected to cause catastrophic destruction in Florida.
MUSK ACCELERATES STARLINK FOR HURRICANE MILTON VICTIMS, FREE OF CHARGE ‘FOR THOSE IN NEED’
Florida Chief Financial Officer Jimmy Patronis told «Varney & Friends» on Tuesday that the Milton could result in somewhere between $10 billion and $20 billion in insured losses.
Florida Chief Financial Officer Jimmy Patronis talks hurricane preparedness, potential insurance price changes in Milton's aftermath and the
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