Devastating Hurricane Milton: $175 Billion in Expected US Losses

Economic analysts in the United States predict that the devastating Hurricane Milton, which struck the state of Florida in recent hours, will cause economic losses estimated at $175 billion.

Analysts added that the once-in-a-century Hurricane Milton is expected to increase the estimated economic losses from $50 billion to more than $175 billion in worst-case scenarios.

Earlier, US President Joe Biden warned residents of Florida and surrounding areas of Hurricane Milton, which he described as the worst storm to hit the state in a century.

Addressing the residents of the third most populous state in the country, Biden said, "You need to evacuate now, it's a matter of life and death."

Hurricane Milton intensified to a Category 5 storm with winds reaching 270 km/h as it continued its path across the Gulf of Mexico towards Florida, according to the US National Hurricane Center, which warned that the hurricane would be devastating.

The White House announced that US President Joe Biden has postponed his planned visit to Germany and Angola due to Hurricane Milton.

The statement added that the US president decided to postpone his visits to oversee preparations for Hurricane Milton and to discuss relief efforts in southeastern America following the devastating Hurricane Helen.