Hurricane Irma Taking Its Toll on The Florida Economy
Though Florida has been ranked as the fourth largest economy in the United States, the recently hit Irma hurricane has taken a massive and severe toll on its economy. As the hurricane hit the state of Florida, the Meteorological Department predicted the ascend of the storm across the southwest coast of Florida.
The Irma hurricane has created adversely negative effects on the gas stations as they ran out of fuel and it also resulted in a shortage of water and other essential commodities. The tourism industry would be badly affected as the infrastructure and airport of the state have been reported to be damaged.
Take a look at how hurricane Irma would affect the economy of Florida.
- Tourism – Tourism is a major industry upon which the economy of Florida depends. A lot of tourists are attracted towards the state from across the globe, primarily due to the presence of Disney World and the Universal Studios. Visitors put in a bulk amount of dollars into the state. Within the southern group of islands, tourism is considered to be the single largest industry and Irma is expected to amend the changes in terms of the economy built by the tourism sector. Irma has created a huge damage on the hotels and other buildings, thus, creating a loss for the local economy.
- Energy – Millions of households ran out of the power supply in the state of Florida. Due to heavy rain and storm, many households and office complexes faced a shortage of electric supply, thus, affecting the daily business functioning. A couple of nuclear power generating stations were shut down before the arrival of Irma in Florida. These plants used to produce electricity for nearly 2 million homes in a year.
- Agriculture – In the past few years, the fruit industry of the state was partially destroyed by a plant disease named ‘Citrus greening’. It brought a huge loss for the crop production. Irma is expected to make the situation of agriculture industry worse by ruining the crops. And the worst part is that the commencement of harvest season is round the corner. Florida is famous for oranges but due to the occurrence of Irma, orange juices are facing a higher price in the state.
- Gas stations – There has been a significant reduction in the supply of gasoline in the state of Florida. Due to Irma, a lot of gas stations have been shut down temporarily. The previous week, nearly 40% of the gas stations in Miami were completely out of stock. The average price of gasoline in the US has increased more than 32% and it is even worse in Florida.
- Airways – Airways is one of an essential industrial sector which was largely affected by the incoming of the monster ‘Irma’. The hurricane has widely damaged the airport, runways, and the infrastructure at the Caribbean Islands, thus, hindering the air business. Tampa International Airport, the 29th busiest airport in the country was completely shut down.
Florida experienced a huge market economy crash in 2008 and it was merely recovering from the loss when monster Irma suppressed them again. The storm has had a responsive impact on the economy of Florida.
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