Irma joins Harvey in weather catastrophe crossover
Even as the U.S. is witnessing mass devastation caused by Hurricane Harvey, another great weather disaster looms: Hurricane Irma. Florida has declared a state of emergency as she blows towards the Leeward Islands, now classed as a Category 5 hurricane, with sustained winds of 175 mph. In Florida, Bloomberg says that “the citrus crop will be a focus of concern” as the state is the world’s second largest producer of orange juice after Brazil.
This new threat to the U.S. comes just weeks after Harvey blew through Texas, where it caused widespread damage, power outages, and disastrous flooding. It has been responsible for taking almost a fifth of U.S. refining capacity offline. According to the National Hurricane Center (NHC), Irma could exacerbate the destruction, and it describes her as a “dangerous major hurricane”.
Hurricane warnings have now been issued for the U.S. and British Virgin Islands, Puerto Rico, Vieques, and Culebra. In the next few days, we can expect to see Irma blast the Caribbean with flooding rain, damaging winds, and rough surf. She is the most powerful hurricane to blow over the Atlantic since 2007.
Speaking about the damage that Irma will cause in the Caribbean, the NHC said: “a high percentage of framed homes will be destroyed, with total roof failure and wall collapse. Fallen trees and power poles will isolate residential areas. Power outages will last for weeks to possibly months. Most of the area will be uninhabitable for weeks or months. Preparations should be rushed to completion.”
Dominion holds a number of companies that are poised to address the problems caused by climate change in its Global Trends Managed Fund.
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