Hurricane Irma could reach levels not seen on the U.S. coastline since the benchmark storm of Labor Day 1935
The U.S. is just starting to get over the catastrophic effects of Hurricane Harvey when a new and even more terrifying storm is scheduled to hit the Florida coastline within the next few days. ¬†And with winds already touching 185 miles per hour as it tears through islands in the Caribbean on its way to the American coastline, one meteorologist sees this storm potentially reaching levels that equal or surpass the benchmark hurricane from Labor Day in 1935.
Hurricane Irma has the most powerful winds ever recorded for an Atlantic Ocean storm at 185 mph. The dangerous Category 5 hurricane is in the Caribbean and could hit Florida over the weekend.
“I do believe Florida is going to get hit, and it’s going to be a catastrophic event where it hits,” he predicted. “The easiest way out if you want to call it that with this hurricane is that after the Southern Bahamas, it goes west into Cuba, weakens for a while, then comes back north.”
“If that’s the case, we have a severe hurricane¬†‚Äď¬†no doubt about that¬†‚Äď¬†for south Florida,” he continued. “If it just stays over the water and goes between Cuba and Florida before coming into Florida, this could be as bad a hurricane as we’ve ever seen hit south Florida.”
“And in the worst case scenario, I could see the pressure in this¬†‚Äď¬†the barometric pressure¬†‚Äď¬†falling as low as the 1935 Labor Day hurricane, which brought winds of over 200 miles an hour to the Florida Keys,” Bastardi said. –¬†CBN
The cost of Hurricane Harvey is still being determined, but early estimates place the destruction between $180 and $500 billion. ¬†Yet with that being said, a direct category 5 storm hitting the coast of Florida with little resistance could go far beyond just the flood damages that Harvey created last week and instead wipe out most buildings in the Miami and Dade County area.
Florida has¬†improved standards for new¬†construction¬†to prevent the level of damage wrought by¬†hurricanes, but an Andrew-like storm, such as¬†Hurricane Irma, hitting downtown Miami and its ever-growing collection of sparkling skyscrapers could exact a hefty price: $300 billion, according to one insurance underwriter.
“And that number doesn’t include loss of taxes or tourism,” said Monica Ningen, chief property underwriter for the U.S. and Canada for Swiss Re, one of the largest reinsurance companies in the world. –¬†USA Today
At a time when the U.S. government is being threatened with a government shutdown over Congress’s inability to raise the debt ceiling or even pass a budget, the country can ill afford the losses that are and probably will take place in both Texas and Florida. ¬†And contrary to Keynesian economists who live by the¬†‘broken window fallacy’¬†of economic stimulus, the effects of both hurricanes could last well beyond what happened a decade ago in New Orleans over Hurricane Katrina.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.