The status of Hurricane Milton has been downgraded to a "post-tropical cyclone" as it leaves a trail of destruction in Florida. As of midnight local time on October 11, Governor Ron DeSantis reported that the death toll from the hurricane stands at 15, with the number expected to rise as rescue efforts continue. The estimated damage to insured properties is between $30 billion and $50 billion, according to Fitch Ratings.
Hurricane Milton made landfall on October 10, hitting Sarasota County as a Category 3 storm before weakening to Category 1 as it moved inland. The destruction caused by Milton is projected to be one of the costliest in U.S. history, potentially surpassing the damages from Hurricane Katrina.
Rescue operations have saved 340 people and 49 pets from affected areas. However, misinformation regarding rescue efforts has led some residents to hesitate in accepting help. Alejandro Mayorkas, the U.S. Secretary of Homeland Security, noted that fears stemming from false claims have impacted the response.
In the aftermath, at least seven large tankers carrying millions of gallons of fuel have been dispatched to South Florida to replenish depleted gas supplies, which were strained during the peak demand caused by the hurricane.
The broader economic implications of Hurricane Milton could be severe, with analysts predicting significant impacts on the U.S. economy. Ryan Sweet, chief economist at Oxford Economics, stated that up to 28% of the nation's GDP could be affected, potentially slowing economic growth in the fourth quarter.