Hurricane Florence to cause $30-60bn economic loss

Hurricane Florence will cause $30-60 billion in economic impact and damage, according to estimates by commercial weather forecasting services provider AccuWeather.

Hurricane Florence is on a path of destruction that will put millions of people at risk and threaten billions of dollars in property damage, centred on the Carolinas, through this weekend, AccuWeather said.

Florence dipped to category 2 hurricane strength with maximum sustained winds of 100 mph on Wednesday evening. During Thursday evening, it became a category 1 storm with sustained winds of 90 mph.

Despite the hurricane weakening somewhat since its peak as a category 4, it has grown substantially in overall size and its predicted deceleration in forward speed will take a costly toll, AccuWeather said.

The forward speed of Florence has dropped from 17 mph on Wednesday to less than 5 mph during Thursday afternoon. AccuWeather meteorologists believe that the hurricane will continue to meander slowly near the Carolina coast through Saturday.

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