Thursday, October 10, 2024

Milton leaves its mark on Florida

Hurricane Milton roared onto Florida's west coast last night and across the state before spinning into the Atlantic. It will take days to as

Hurricane Milton roared onto Florida's west coast last night and across the state before spinning into the Atlantic. It will take days to assess the damage, but the state seems to have avoided the worst possible outcome, thanks to a slight shift in the storm's track. Read more coverage of Milton on Bloomberg.com. For unlimited access, please subscribe.

A battered Florida takes stock

By Brian K. Sullivan and Mary Hui

Hurricane Milton came ashore in Florida's Sarasota County as a Category 3 storm, spawning tornadoes and bringing feet of storm surge and intense rains. Streets flooded and high winds shredded the roof of Tropicana Field in St. Petersburg.

The damage is extensive. Search and rescue efforts are ongoing, with more than 42 rescues reported so far. More than 3 million utility customers across the state are without power.

An evacuation sign in St. Petersburg on Wednesday.  Photographer: Tristan Wheelock/Bloomberg

But the state managed to avoid the "worst-case scenario," Governor Ron DeSantis said at a press conference Thursday morning. 

A shift in Milton's track spared Tampa Bay the worst of the storm's wrath, said AccuWeather meteorologist Adam Douty: "It was just far enough south that you never got the push of storm surge into Tampa Bay."

Still, the storm surge and rain were formidable. By 10 p.m. on Wednesday, Albert Whitted Airport in St. Petersburg had already received an astonishing 16.6 inches (42 centimeters) of rain. Major flooding was recorded as far south as Naples Bay, more than 100 miles from where the storm made landfall. 

At least 38 reports of tornadoes came into the US Storm Prediction Center. Dan DePodwin, senior director of forecasting operations for AccuWeather, said the state seemed to experience a significant outbreak along the Interstate 95 corridor, from Fort Lauderdale and Palm Beach north toward Cape Canaveral and the "Space Coast" area.

Chuck Watson, a disaster modeler with Enki Research, estimates damages and losses from Milton will reach $60 billion to $75 billion.

By 8:30 a.m. Thursday, the number of homes and businesses without power reached 3.3 million. Melissa Seixas, president of Duke Energy Florida, said the company just replaced hundreds of transformers destroyed by Helene two weeks ago, equipment that immediately became vulnerable again.

"We had about 24 hours between the final restoration of Helene and preparing for this storm," she said.

Debris from Hurricane Helene sits outside of St. Petersburg homes on Tuesday, ahead of Hurricane Milton's landfall. Photographer: Tristan Wheelock/Bloomberg

Florida has tens of thousands of linemen on standby, ready to start power restoration as soon as it's safe, DeSantis said before the hurricane arrived. 

US President Joe Biden was briefed Thursday morning on the initial impacts by Homeland Security Advisor Liz Sherwood-Randall and Deanne Criswell, administrator of the Federal Emergency Management Agency. In a post on X, the president urged people affected to stay inside and avoid "dangerous conditions" from road washouts, downed power lines and debris.

Milton's flood-causing heavy rains continue a trend of "wetter storms," said Watson of Enki Research. This adds more evidence to climate change influencing the nature of hurricanes. A warmer atmosphere can hold more water, bringing more rain.

—With Anna Kaiser and Justin Sink

Torrential rain

18
That's how many inches of rain fell in Hillsborough and Pinellas counties, Florida Governor Ron DeSantis said. 

Milton's odd movement

"There is really no historical precedent for a track like this."
Ryan Truchelut
President, WeatherTiger
Abnormally warm waters in the Gulf of Mexico contributed to Milton's unusual west-to-east track. Scientists say such unpredictable behavior by storms may become more common with climate change.  

Insurance impact

Bloomberg Intelligence analyst Charles Graham said Milton's weakening to a Category 3 storm before making landfall means the insurance industry and reinsurers, such as Munich Re and Swiss Re, will likely escape a worst-case scenario of more than $100 billion of losses. The economic and human cost from floods and the storm surge will still be huge, but it will be some time before the full costs are known. 

Worth a listen

Next month, when delegates from around the world meet in Baku, Azerbaijan at COP29, the biggest questions on the table will have to do with finance. Can rich nations find a way to meet developing countries' demand for up to $1 trillion each year in climate finance?

Avinash Persaud, special adviser on climate change for the Inter-American Development Bank, has spent his career looking for ways to make global markets work to unlock climate financing. Persaud tells Akshat Rathi why he believes climate change is an "uninsurable" event, and the kinds of financial instruments and commitments that can help poorer countries contribute to the energy transition and adapt to a warmer world. Listen now, and subscribe on Apple, Spotify or YouTube to get new episodes of Zero every Thursday.

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