Damages from Hurricane Ian are expected to cost $41 billion-$70 billion, according to an updated and final estimate of the storm's impact from CoreLogic. The updated estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.

(Credit: CoreLogic)

Looking more granularly, wind losses are estimated to range from $23 billion-$35 billion. Residential and commercial flood losses from the National Flood Insurance Program and private insurance are expected to be $8 billion-$18 billion, according to CoreLogic. The flood loss projection includes re-evaluated storm surge damages and new estimates for inland flooding. Uninsured residential flood losses are projected to range from $10 billion-$17 billion. CoreLogic reported inland flooding was extreme as a result of significant flooding along the Peace River in Arcadia, Fla. The river typically runs 130 feet wide, but stretched more than a mile wide because of Hurricane Ian's storm surge and rainfall. The area around the Peace River is designated a Special Flood Hazard Area (SFHA) by the Federal Emergency Management Administration and housing is sparse in the region.

Flood extent of the Peace River in Arcadia, Fla. after Hurricane Ian. (Credit: CoreLogic)

"In many areas, the flood extent approximates the SFHA boundaries, a clear indication that SFHA is a useful tool for city planners who wish to understand flood risk and mitigate flood damages," Tom Larsen, senior director of hazard and risk management at CoreLogic, said in a release. "Without constraints in development in the SFHA, flood damages would have skyrocketed. Learning from this riverine flood event will help city planners make better decisions about where residential development makes sense, from standard construction homes to manufactured home communities." Massive growth in Florida's coastal real estate was a key reason Hurricane Ian was so economically destructive, according to CoreLogic, which reported the storm's large wind field and landfall path caused severe damage along the densely populated coast. "Florida's population has grown 50% since 1992 when Hurricane Andrew hit Miami, with disproportionately more growth in South Florida," Larsen said. "The extra costs incurred from the surge in repair needs simultaneous with a fragile economy are headwinds to rapid reconstruction and we should expect to see resident displacement and housing affordability issues in the state for some time to come." Related: |

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