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Heavy traffic is building up on Interstate 275 South as residents flee St. Petersburg, Florida, in anticipation of Hurricane Milton’s devastating potential. Wall Street analysts project that the storm could result in damages exceeding $50 billion, with a worst-case scenario reaching up to $175 billion. Hurricane Helene’s recent impact has already caused significant destruction, setting the stage for potential record-breaking devastation from Hurricane Milton.

According to Jefferies equity analyst Yaron Kinar and others, a major hurricane striking a densely populated area in Florida could lead to losses in the mid-double-digit billion dollar range. The analysts point out that a 1-in-100 year event could result in $175 billion in losses for a Tampa landfall, and $70 billion in losses for a Fort Myers landfall. The precise extent of the damage will hinge on factors such as timing and location, with a landfall closer to Fort Myers being less costly.

For context, just two years ago Hurricane Ian, a Category 4 storm, hit near Fort Myers and left behind over $50 billion in losses, considered a 1-in-20-year event. Wells Fargo has indicated that the market is anticipating losses exceeding $50 billion from Hurricane Milton, with potential damage ranging from $10 billion to $100 billion. The aftermath of Hurricane Helene, which caused an estimated $11 billion in damages, has already strained the region.

While Hurricane Milton is currently a Category 4 storm, experts suggest that it may weaken before making landfall. The storm is forecasted to hit Tampa with winds of 145 mph and bring significant storm surges to Tampa Bay. Despite the anticipated impact on the region, the storm is not expected to pose the same level of danger to neighboring states as Hurricane Helene did.

Overall, Hurricane Milton’s impending arrival is anticipated to have significant economic and property losses, with the potential for devastation on a historic scale.

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