Report: Major hurricane could cost Virginia $40 billion
NORFOLK, Va. (AP) — 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.
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.
The report was put together by the Commonwealth Center for Recurrent Flooding Resiliency. The center was established by Old Dominion University, the College of William & Mary and the Virginia Institute of Marine Science