Tropical Storm Isaac Damage May Reach $27 Billion

Leaving aside what damage and disruption Tropical Storm Isaac could cause for the Republic Convention in Tampa, research firm CoreLogic estimates residential damage could reach $27 billion as the system marches over Haiti and into the Gulf of Mexico.

Corelogic reports:

"Based on current forecasts, Tropical Storm Isaac is predicted to strengthen into a Category 1 hurricane and become the first hurricane to impact the United States this year," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. "Though the forecasted path is constantly changing, at this point, Isaac seems to be poised to strike the Gulf Coast early Wednesday. Major metro areas that could potentially feel the impact of hurricane-driven storm surge include New Orleans, La.; Baton Rouge, La.; Biloxi, Miss.; Mobile, Ala.; Pensacola, Fla. and Tallahassee, Fla., depending on where the storm makes landfall."

The data shows nearly 210,000 total residential properties valued at more than $27.7 billion in seven major metro areas along the Gulf Coast could be at risk for storm-surge related flooding, assuming the storm hits as a Category 1 hurricane.

The cities most likely to be hit hard are New Orleans, which has not entirely recovered from Katrina in 2005, Baton Rouge, and Biloxi-Gulfport. CoreLogic puts potential New Orleans damage as high as $26,299,658,621, which seems a bit to exact to be plausible.

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, Housing Tagged: featured