As Tropical Storm Nate moves ashore on the Gulf Coast, possibly as a hurricane, tens of thousands of homes are at risk for severe damage. The total amount of the damage could rise as high $16 billion in reconstruction costs for as many as 76,000 homes. This will raise the huge count from hurricanes Harvey and Irma, which have already caused tens upon tens of billions in damages.
According to real estate research firm CoreLogic:
The 2017 hurricane season continues to remain in full swing, and Tropical Storm Nate is the latest storm that the country is monitoring, as it is projected to reach hurricane strength over the weekend. The current hurricane warning for Nate extends from New Orleans to Lake Pontchartrain and Grand Island, Louisiana. The storm is expected to make landfall close to midnight on Saturday, east of New Orleans, which was devastated 12 years ago by Hurricane Katrina.
CoreLogic analysis shows that more than 76K U.S. homes are at risk of storm surge damage in Louisiana, Mississippi, Alabama and Florida, with an estimated $16B in total reconstruction cost value.
A quarter of this damage would most likely be in the Houma-Thibodaux, Louisiana, metro area, and with a total as high as $5.9 billion and 30,000 homes. The next highest total is likely to be in the New Orleans-Metairie, Louisiana, with $4.6 billion in damage to as many as 20,000 homes. The figures are based on a strike by a Category 1 hurricane.
Hurricane season is not over. Climate experts put the season’s end as November 30, which means another seven weeks.
The new CoreLogic damage estimate may not be the last one it issues this year.