Major hurricane could cost Hampton Roads $40 billion, ODU study says
NORFOLK, Va. (AP/WAVY) — Experts say that southeastern Virginia could suffer $40 billion in losses if it’s struck by a major hurricane.
Professors from Old Dominion University said in a recent report that the damages could seriously puncture the regional economy.
Researchers combined the intensity of Katrina in 2005 or Florence in 2018 with the Hampton Roads region to create the ‘what-if’ scenario.
The June 12 report said losses could equate to 40 percent of Hampton Roads’ gross domestic product. GDP is a measure of an economy’s health and accounts for the total output of goods and services.
The report predicted a loss of 175,000 jobs and a decline in economic activity if the region’s infrastructure and military installations suffer major damage.