Named Dolly (AL052014 is the formal ID), it shouldn’t cause too much trouble. It is headed towards the central Mexican coast. The biggest issue is likely to be flash flooding as the storm moves inland. We didn’t show any significant impacts on the PEMEX (the Mexican national oil company) operations in the Gulf, or forecast any impact of US offshore production, although two of the PEMEX oil export terminals have been closed due to the storm. They should reopen in a day or so, with very minimal if any damage. Supplies are in good shape so this short term disruption should not cause any real price fluctuations.
Mostly just a rain and gust wind thing for south Texas/North Mexico coasts. Otherwise just watching Cristobal (which is now headed back towards Iceland and a possible Hurricano!) and the Bárðarbunga volcano.
The Icelandic Met Service (which monitors their volcanos) has a very nice overview of their volcanic systems here.
For a while yesterday it looked like Hurricane Cristobal would reach Iceland as an intact system, although it is veering south now. If so we might have had a Hurricano, or Volicane. Either way, I claim these two names, so if SyFy wants to do a cheesy movie, they got to talk to me first! Interestingly, there is a (small) correlation between earthquakes and hurricanes (Hurriquakes – again, I claim this name). The storm surge, pressure differences, and lubrication from rain infiltration can cause differential stresses on faults that sometimes trigger quakes. It is thought by some that the great quake in Jamaica that destroyed the pirate haven of Port Royal might have been triggered by a bypassing storm.
After crunching the numbers a bit more the models seem to be settling down to a total impact number of around $4 Billion. The big question many have is how much of that will be covered by insurance. One modeling firm (EQECAT) is saying $0.5 to $1 Billion. My estimates for insured losses are now hovering in the $1.5 Billion range, but that includes more business interruption, tourism, and inventory impacts than I suspect EQECAT included.
So just how bad was this event? Well, if it was your house or business that was damaged, pretty bad. But from the perspective of the state of California, and even the SF Bay Area, this was not a major event. If the $4 Billion impact number holds up, that is less than 1% of the GDP of the Bay Area, and only 0.2% of the GDP of the state as a whole, so while not minimizing the impact this had on the people harmed by the event, it is a local, rather than even a regional or national event from an economics perspective.
A few articles are surfacing that quote KAC such as Bloomberg Business News (shameless plug: KAC provides data to them so it’s a great subscription). Did several other interviews today.
After yesterday’s earthquakes in California and Peru, today is starting off quiet. Tropical Storm Cristobal is moving out of the Bahamas and is forecast to move between North Carolina and Bermuda. It’s hard to pick out of the system it is embedded in:
There is a weak tropical wave that is being tracked (AL97), but no signs of spinning up any time soon. In the Pacific, the West (asian side) is creepy quiet. On the East (Mexico) side, Maria is a very powerful hurricane, and the long-lived Karina, now a tropical storm, meanders in the outflow. Here’s the big picture:
As a reminder, our R&D system updates the status of tropical cyclones (hurricanes, typhoons, etc), earthquakes, and volcanoes hourly here.
The Miami Herald just published a headline, “Tropical Storm Cristobal forms near Bahamas, may threaten Florida“. Um, ok, if “may” means “is turning away from Florida and none of the reliable models shows it getting anywhere near Florida” or “it just took a sharp turn away from the US and isn’t likely to cause anything except rockin’ waves for the surfer dudes and dudettes”. Here’s the latest computer model outputs; the orange square is the current (8 am) fix:
Hurricane reporting has just gotten ridiculous. The TV actors doing the weather practically soil themselves with excitement over every cloud in the ocean this time of year, and every storm “could” or “may” hit the US. It’s unseemly.
Big news today is the earthquake in California, but here’s a quick note on the storm in the Caribbean. Should stay offshore from the US (usual wave/beach erosion from bypassing storm), and impact in the Bahamas should be relatively light . . .
The second model suite is showing lower damage estimates than the initial model run. The “Primary” model is indicating $1.7 Billion, with a range of around $400 Million to $2 Billion, average right at $1 Billion. These may be a bit high given the event happened on a Sunday morning and the economic impact side is probably a little high. We’ll see as the damage reports come in.
Update: Earthquake damage estimates are highly dependent on what is called the “attenuation function” or AF, also called the ground motion function. Simplified a bit, this is the rate at which the ground shaking decreases as the distance from the fault rupture increases. For this earthquake it is especially tricky. First, there are two main “families” of AF, for large and small earthquakes. This earthquake falls right on the borderline of those two families. Second, California is geologically complex and, finally, parts are virtually uninhabited right next to densely populated areas, small differences in position and depth make a big difference in projected damage. The full range of AF that we have run so far this morning (14 models) gives a range of from $400 Million to nearly $10 Billion in impacts! The best estimate is between $1 and $3 Billion at the moment. As more seismic data is processed, and actual damage observations come in we can refine those estimates.
9:30am ET Update: With the updated magnitude (6.05), depth, and position, the average of the 15 models that make sense to run for this event are hovering at around $3 Billion in impacts, although the range is quite large, from just under $1 Billion to over $10 Billion, and our “primary” single model is at over $6 Billion (which, again, maybe be ‘hot’ due to the time of day and that it is a Sunday).
A near 6.0 shallow earthquake has occurred northeast of San Francisco at 6:20 am ET. The quick-look model shows nearly $5 Billion in damage and 2 to 4 million people in the zone of greatest risk. UPDATE: The full suite of model runs lowered the estimate quite a bit, to between $400 Million and $3 Billion, average around $1 Billion. Scary place to have an earthquake – could have been much much worse.