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Hurricane Ian damages in Southeast estimated at $100B to $120B

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Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#31

Post by Jtsummers »

umeshunni wrote: post #19
ericd wrote: post #6

Earlier quoted context omitted.

I know COVID stimulus has numbed people to large numbers, but $100B is a huge amount of money. It's two million people working for a year at $50k salary

but the hurricane impacted something like 40 million people, so in reality, the cost is something like $2500 per person.

"Impacted" has a very wide spread. My sister lost 3 boards from her fence, but they only went about 10' so she really just needs a few nails. Parts and fuel (to get to the hardware store, fuel will probably be the most expensive part of it) will be a couple bucks. Closer to the coast from where she lives, people lost their homes.

So $2500/person isn't a terribly useful number when some people will be done after 5 minutes and $5 of repairs, and others need to rebuild or move.

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#32

Post by renewiltord »

trynumber9 wrote: post #5

Hopefully insurance costs will not be extracted throughout the entire country. The insurance rates must reflect the true cost of residing in hurricane alley.

They're probably government insured. You're never going to change that because you only have to trot out one grandma and one family and you can spend unlimited amounts in indirect costs for them.

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#33

Post by giantg2 »

jliptzin wrote: post #15
ericd wrote: post #6

Earlier quoted context omitted.

I know COVID stimulus has numbed people to large numbers, but $100B is a huge amount of money. It's two million people working for a year at $50k salary

They’re gonna need a lot of cheap labor to rebuild. Maybe they should charter a flight to bring some immigrants from Martha’s Vineyard

Cheap labor, cheap construction... similar damages next time a hurricane rolls through

With that sort of model they might as well build permanent cement pads sith disposable houses constructed on top

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#34

Post by lotsofpulp »

umeshunni wrote: post #19
ericd wrote: post #6

Earlier quoted context omitted.

I know COVID stimulus has numbed people to large numbers, but $100B is a huge amount of money. It's two million people working for a year at $50k salary

but the hurricane impacted something like 40 million people, so in reality, the cost is something like $2500 per person.

Surely 40M people did not experience loss. I have family in Tampa that said nothing happened other than wind and rain.

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#35

Post by iskander »

giantg2 wrote: post #26
digitalsushi wrote: post #11

Earlier quoted context omitted.

Can anyone even get (good) insurance in Florida at this point? I believe many large insurance providers have backed out of Florida over the past few years by making their rates so astronomical that there's only one obvious goal.

If people focused on functional/survivable structures, then it wouldn't be an issue. Initial construction might be 1.5x-2x the cost, but it'd be better than rebuilding every couple decades. But I guess they wouldn't be as pretty as they'd want.

Miami has the sturdiest residential construction materials of any city I have lived in. Cinderblock is extremely common.

It still doesn't save your home if you build at 5ft above sea level and a hurricane brings 15ft of storm surge.

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#36

Post by Grimburger »

trynumber9 wrote: post #5

Hopefully insurance costs will not be extracted throughout the entire country. The insurance rates must reflect the true cost of residing in hurricane alley.

> Hopefully insurance costs will not be extracted throughout the entire country.

Not sure about the US but in Australia flood insurance has skyrocketed nationwide after the last few years of extreme flood events, even people living on the top of hills pay more for general policies.

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#37

Post by hackerlight »

SoftTalker wrote: post #17
snarf21 wrote: post #4

I can only assume it will go higher. We need to push FEMA to have a 2 and done rule. After that the property must be returned back to dunes/parks/public spaces.

Hurricanes are a fact of life in the gulf and southeastern atlantic coasts. There is no area that has not have been hit twice already in the past century. So all this coastline should be dunes and park spaces?

If the irresponsible people who insist on living in hurricane prone areas pay for their own repairs, then I have no problem with them living there. If they ask for me to pay for it, then that gives me moral buy in into whether they should be allowed to live there.

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#38

Post by coryfklein »

SoftTalker wrote: post #17
snarf21 wrote: post #4

I can only assume it will go higher. We need to push FEMA to have a 2 and done rule. After that the property must be returned back to dunes/parks/public spaces.

Hurricanes are a fact of life in the gulf and southeastern atlantic coasts. There is no area that has not have been hit twice already in the past century. So all this coastline should be dunes and park spaces?

Public funds should not pay to rebuild the same property more than 1-2 times within N years. You either:

a) Build the property to withstand all but 1-2 statistically expected hurricanes within that N year period. This is possible, it's just costly.

b) You don't get public funds

c) You get private insurance

d) You don't build

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#39

Post by woah »

digitalsushi wrote: post #11
trynumber9 wrote: post #5

Hopefully insurance costs will not be extracted throughout the entire country. The insurance rates must reflect the true cost of residing in hurricane alley.

Can anyone even get (good) insurance in Florida at this point? I believe many large insurance providers have backed out of Florida over the past few years by making their rates so astronomical that there's only one obvious goal.

> only one obvious goal

Running a functioning insurance?

If you want to pay rates which allow them to rebuild your home for you every ten years (annual rate = your home's cost / 10), I'm sure they'd be more than happy to do it and collect their small profit.

Re: Hurricane Ian damages in Southeast estimated at $100B to $120B

#40

Post by bin_bash »

matthewmcg wrote: post #25
0xCMP wrote: post #8

As someone who lives in Florida I am wondering when this will all come crashing down. According to McKinsey non-hurricane/weather events will skyrocket from ~20-40/year to almost 250/year causing constant water damage. Let alone from hurricanes like Ian or Irma.

Not just hurricanes--look up the looming aquifer depletion for South Florida and its effect on life for folks in Miami and the Keys.

Vegas is growing just fine while significantly reducing their water usage. They get a lot less rain too.

This is a problem for golf courses, lawn care, and agriculture: not humans—at least not anytime in the foreseeable future.

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