‘Life Threatening’ Hurricane Michael Could Cause $10 Billion In Damage

By Brian Eckhouse and Brian K. Sullivan – Bloomberg

Hurricane Michael is racing toward the Florida Panhandle, threatening as much as $10 billion in damage on a path that’s already driven up cotton prices and cut the region’s oil and gas production.

Located about 360 miles south of Panama City, Florida, Michael is forecast to become the second hurricane to make landfall in the U.S. in a month. Its 110 mph winds are just below the threshold for becoming a Category 3 hurricane as it plows through the Gulf of Mexico at around 12 mph, according to the National Hurricane Center.

Landfall is expected Wednesday, when forecasters say it could generate a 12-foot “life threatening” surge, and 4-8 inches of rain, with isolated areas getting as much as 12 inches. After ripping through Florida, the storm’s set to hit Georgia and Alabama.

“Additional strengthening is expected, and Michael is forecast to be a major hurricane at landfall,” said Dan Brown, a senior hurricane specialist at the National Hurricane Center.

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