HURRICANE IDA’S DAMAGE TALLY COULD TOP $95 BILLION, MAKING IT ONE OF THE COSTLIEST HURRICANES

Alach11 | Taken at 9:10 AM on Monday, August 30, 2021. The image shows damage to buildings in Houma, Louisiana the morning after Hurricane Ida made landfall. House of Hope provides services for the homeless. | https://commons.wikimedia.org/wiki/File:Damage_in_Houma_Following_Hurricane_Ida.jpg | Creative Commons Attribution-Share Alike 4.0 International license. | https://creativecommons.org/licenses/by-sa/4.0/deed.en

Hurricane Ida has gone from New Orleans to New York, raising questions as to the potential economic damages that will be caused by the hurricane. AccuWeather is now projecting that the damages will total over $95 billion, potentially one of the costliest hurricanes since 2000. This estimate is higher by $20 to $30 billion from their initial projections when the hurricane had begun.

The forecasting company is predicting that the storm will come in seventh place in regard to the costliest hurricane to hit the United States. Hurricane Katrina is still expected to be the costliest hurricane to hit the United States with damages totaling at $320 billion. If hurricane Ida were to keep moving north, the total damage may increase and surpass hurricane Ivan and Hurricane Rita.

NEARLY 1 MILLION HOMES ALONG THE GULF COAST MIGHT BE DAMAGED OR DESTROYED BY HURRICANE IDA

Michael M Stokes | Flooding in Norristown PA from remains of Hurricane Ida. Norristown Riverfront Apartments at DeKalb Street near the Norristown SEPTA station | https://commons.wikimedia.org/wiki/File:Ida_Flooding_Norristown_%284%29.jpg |  Creative Commons Attribution 2.0 Generic license. | https://en.wikipedia.org/wiki/Creative_Commons

Data suggests that Hurricane Ida approached the gulf coast at an alarming rate and threatened damaging or destroying nearly one million homes within the region. CoreLogic estimated that the storm threatens approximately 941,392 homes with storm surge damage. CoreLogic also estimated the reconstruction cost value to be approximately $220.37 billion. The areas that are projected to have the highest amount of reconstruction cost value is New Orleans-Metairie, Louisiana, totaling over 394,000 single / multifamily properties with estimated damages over $101.66 billion.  

Hurricane Ida will hit this region on the sixteenth anniversary of Hurricane Katrina, the costliest natural disaster in United States history. However, Hurricane Katrina was smaller. It was a category 3 hurricane, whereas Ida is a category 4. Nevertheless, Hurricane Katrina still caused $161 billion in economic loss and killed nearly two thousand people.

FISH PLANT AT CENTER OF LAWSUIT

USDA NRCS CA | Tilapia growing on Kelley Hot Spring Fish Farm west of Alturas, California, USA | https://commons.wikimedia.org/wiki/File:Tilapia_farm_california.jpg |  Creative Commons Attribution 2.0 Generic license. | https://en.wikipedia.org/wiki/Creative_Commons

A partner of a company formed to buy and rent commercial real estate at 159 Main St. is suing the other three partners. He is alleging that his partners "conspired to violate both fiduciary duties and contractual obligations" in the renting of the Atlantic Fish & Seafood space. Mr. Montagnino, of Gloucester, filed the suit last week in Essex Superior Court against, Nicholas M. Osgood, of Hamilton, Shawn S. Hynes, of Braintree, and David Hynes, of Braintree. His three partners at NSDJ Real Estate LLC.

These charges have been pressed stating that the three partners violated their fiduciary duty by "leasing the property to themselves and/or their wholly owned corporation at substantially less than fair market value" at the expense of Mr. Montagnino. Mr. Montagnino also stated that his three partners breached the terms of a 2018 operating agreement. Claiming that the three partners "intentionally interfered with NSDJ contractual obligations" to Montagnino. Mr. Montagnino also seeks "a complete accounting of all NSDJ funds, income, expenses and assets."

JULY FLOODS CAUSED $2M IN DAMAGE FOR LARIMER COUNTY

Defense Visual Information Distribution Service | A view of flood damage along a highway in Larimier County | https://nara.getarchive.net/media/a-view-of-flood-damage-along-a-highway-in-larimer-county-564245 | Public Domain Dedication. Public Use Notice of Limitations |  https://www.dvidshub.net/about/copyright

In Larimer County, two floods in July caused over $2 million in damages to properties and roads. A report also concluded that residents should not stay overnight due to the high risk of another potential flooding. Colorado Geologic Survey assessment of the Black Hollow neighborhood in the upper Poudre Canyon stated that instability rates are far too high in the area for any of the residents to spend the night in their homes. Three people have died in the flood with the fourth family member still missing and presumably dead. The flood has destroyed three homes.