Damage Forecasts for Hurricane Sandy to the Northeast USA

October 27th, 2012
in econ_news, syndication

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Follow up:

Damage forecasts from a CoreLogic Press Release:

CoreLogic® Analysis Shows More Than a Quarter of a Million Homes at Risk of Property Damage in Coastal Mid-Atlantic Region from Projected Hurricane Sandy Storm Surge

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released data showing potential exposure to residential property damage from hurricane-driven storm-surge flooding as Hurricane Sandy makes its way toward the U.S. Atlantic Coast.

“Based on current forecasts, Sandy is likely to make landfall along the northeastern Atlantic coast early Monday,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “Though it is still early and the projected path is constantly changing, Sandy could pose an enormous threat to major metropolitan areas in the Northeast, like New York City and Long Island, Atlantic City and Baltimore.”

The data shows more than 261,000 total residential properties valued at over $80 billion at risk for potential storm-surge damage among the coastal Mid-Atlantic states, assuming the storm hits the coast as a Category 1 hurricane. Within that region, more than 210,000 total properties valued at over $67 billion stand at risk in five major metro areas from Virginia to New York.

Total number and total value of residential properties by coastal Mid-Atlantic state are:

State Number of Properties at Risk Value of Properties at Risk
New York 81,078 $35,128,036,406
New Jersey 75,314 $22,601,229,263
Delaware 8,894 $2,069,493,600
Maryland 30,131 $8,983,837,253
Virginia 66,544 $11,311,646,410

The number of residential properties in each metro area and their respective potential exposure to damage are as follows:

Metro Area Number of Properties at Risk Value of Properties at Risk
New York City-Northern New Jersey-Long Island, NY-NJ-PA 119,312 $48,064,953,474
Atlantic City-Hammonton, NJ 20,283 $4,807,676,476
Washington-Arlington-Alexandra, DC-VA 2,207 $734,901,116
Baltimore-Towson, MD 10,010 $3,508,329,420
Virginia Beach-Norfolk-Newport News, VA-NC 59,042 $10,029,968,947

Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure causes water to amass inside the storm, releasing a powerful rush over land when the hurricane moves on shore. The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.

To view a map showing hurricane-driven storm-surge risk through Google Earth, visit here. To download the map as a KML file, visit here.

 









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