Miami Hurricane Risk Hits $483 Billion

Elvis Vasquez Pexels

One scientist believes that a third of Miami will be underwater by 2060, virtually destroying the city’s economy. Other models show the damage as worse and coming sooner.

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According to the St. Louis Fed, Miami’s GDP is about $483 billion. This figure includes the entire MSA, including Fort Lauderdale and Palm Beach. The number is up 28% from 2020, among the most significant increases across America’s largest cities. “Gross domestic product (GDP) by metropolitan area is the measure of the market value of all final goods and services produced within a metropolitan area in a particular period.” Therefore, the number does not include tens or hundreds of billions of dollars for real estate. 

A huge hurricane would mean that much of the damage would be permanent. The city’s pollution would plunge as it did in New Orleans after Katrina. 

Miami is not alone among large cities that could have their GDP destroyed. Based on current weather patterns, Houston, Tampa, and New Orleans could also be on the list.

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