Economic Fallout from Devastating Hurricanes in Florida. AI-Generated.
As Hurricane Milton continues to devastate Florida, the economic fallout is beginning to take shape, with early estimates placing property damages at a staggering $50 billion. Beyond the immediate physical destruction, the long-term economic consequences are expected to be significant. Chris Lefakis, a climate economist at Moody's, warns that widespread power outages, evacuations, and disruptions to businesses and schools could severely impact the state's GDP in the short term. However, the more alarming concern lies in the potential long-term effects on Florida's already fragile insurance market.