Modeler EQECAT said Typhoon Megi is expected to cause $500 million to $1 billion in economic damages in China after having causing extensive damage and 27 deaths earlier in the week in the Philippines.
Megi could impact several major cities and Chinese products, such as garments, plastic, ceramics, stainless steel and toys, EQECAT said last Wednesday when the storm was in the South China Sea with maximum sustained winds of 109 mph–the equivalent of a Category 2 hurricane.
EQECAT said its range of estimates for economic damage included property assets, building and contents from residential, commercial, industrial and agricultural sectors, but not government property, infrastructure, crops or livestock. The estimates also do not include loss of income.
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