U.S. authorities are preparing for the worst as Hurricane Milton approaches Florida's coast, now upgraded to a deadly Category 5 storm, posing a significant threat to lives and the state's economy. Analysts warn that this could be the most devastating hit Florida has experienced in over 100 years, with early damage estimates ranging from $100 billion to $175 billion in the most extreme scenarios.

President Joe Biden has urged residents to evacuate immediately, calling the situation a matter of "life and death." This warning has triggered mass evacuations, leading to long traffic jams on major highways and fuel shortages, with 16% of gas stations already running out of fuel.

Biden has postponed his scheduled trips to Germany and Angola to stay in Washington and oversee preparations for the hurricane.

More than 2,000 flights have already been canceled as the travel industry braces for significant disruptions. Hurricane Milton is the second major storm to hit the U.S. this season, following Hurricane Helen (Category 4), which claimed over 225 lives and caused extensive damage across Florida, the Carolinas, and Georgia.

CoreLogic reported that Hurricane Helen caused $11 to $17.5 billion in insured damages and $20 to $30 billion in uninsured losses. However, analysts are even more concerned about Hurricane Milton due to the densely populated areas in its projected path, including Tampa Bay, with a population of over 3.3 million. This is the first time the region has faced a direct hit from a hurricane since 1921, leading to a full evacuation order.

Kinetic Analysis estimates that the damage from Hurricane Milton could range between $70 billion and $100 billion. Wells Fargo echoes these estimates, projecting damages close to $100 billion. However, Yaron Kinar from Jefferies warns that damages could reach as high as $175 billion, particularly if Milton strikes the developed areas of Tampa.

Milton has strengthened in recent hours, becoming a Category 5 hurricane again, with sustained winds of 270 km/h (165 mph) and even stronger gusts. The storm’s intensity is partly due to unusually warm ocean waters, a factor that scientists link to climate change, increasing the likelihood of such powerful storms.