ODU study finds $15 billion in damage could occur if Category 3 storm hits Hampton Roads
Bob McNab, director of the Dragas Center for Economic Analysis and Policy at ODU, said the team used Hurricane Florence to model scenarios for the region. Using a 3.6-foot tidal offset (meaning 3.6 feet in water rising from the median tide), potential damages across Hampton Roads were estimated at about $15.6 billion.
Researchers found that funding better flood infrastructure now is a better investment than paying to repair damages down the line.
'My worst-case scenario is Hampton Roads sees something happen like what happened to Homestead (Air Force Base),' McNab said. 'Remember, there's billions of dollars of military infrastructure, not including the defense industrial base, in the region.
'If Oceana, for example, or Langley (Air Force Base) experiences significant flooding and damage to infrastructure, the Department of Defense, may just go, 'That was enough. It was nice being there, but we're going to move everything to Kansas,' or somewhere else that's not as flood prone.'
The study also found storm of that magnitude would cause the short-term loss of more than 76,000 jobs. McNab said the positions affected would be concentrated in sectors that provide services to households. This includes industries such as retail trades, health care and social assistance and accommodation and food services.
McNab said uninsured costs are a major driver of economic losses for a region. He said a single storm can take out a home, which means the homeowners' main source of their wealth is gone as well as their source of income if their job is affected, as well. Homeowners in the 75th percentile for flood insurance claims observed 'no loss in housing value,' the study found, and insured homes created 'positive spillover' for the prices of nearby uninsured homes.
The study's researchers recommend increasing flood insurance enrollment and providing financial assistance to lower-income homeowners as potential policy solution to lessen impacts after a major storm. The study also found educating homeowners and renters on the costs associated with flood damage without insurance would be another step in the right direction.
Though hurricanes of larger proportions are relatively rare for more direct hits in Hampton Roads, they are not impossible. McNab pointed to the 1821 Norfolk-Long Island hurricane, a heavily destructive storm, that caused $330 billion in damages — when adjusted for inflation. If federal assistance from entities such as FEMA becomes more limited, McNab said recovery and losses could persist for years after a storm.
'One of the things that's complicating the interpretation of the results is that we really do not know if the federal government would provide the level of assistance and in a post-hurricane environment that it has in the past,' he said. 'We've seen, unfortunately, that the provision of aid can become a political question.'
Eliza Noe, eliza.noe@virginiamedia.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
2 hours ago
- Forbes
Annagreta Panconesi Shares The Story Behind Her Namesake Fashion Brand
Annagreta Panconesi Gioconda & August Annagreta Panconesi is the Creative Director of LuisaViaRoma, and she's also the fourth generation of her family to contribute to the legacy of the famed Florentine retailer. The granddaughter of founder Luisa Jaquin and daughter of current president Andrea Panconesi, she has fashion in her blood, and is helping to drive the retailer forward thanks to her international perspective, that was undoubtedly shaped by education at Fashion Institute of Technology in New York. ANNAGRETA Campaign LuisaViaRoma Panconesi talks taste, artisans, and lets us into the story behind her eponymous ready-to-wear label. Felicity Carter: What's your background, and how did Annagreta come about? Annagreta Panconesi: I grew up in Florence surrounded by beauty and studied at FIT in New York. I'm part of the fourth generation at Luisa via Roma. After gaining experience in the US and returning to Italy as Creative Director at Luisa via Roma, I felt a strong need to build something of my own. That's how Annagreta started. I wanted to create a brand that felt natural to wear and made with care. FC: How would you describe the aesthetic of Annagreta? AP: Annagreta is clean, simple and based on good materials. I focus on timeless shapes that fit well and last. The look is calm and put together. You can wear the clothes every day and still feel dressed with purpose. That balance is what makes the style feel right. I want the clothes to be practical and wearable. ANNAGRETA Campaign LuisaViaRoma FC: What inspires your design process from concept to final garment? AP: I get ideas from life around me. I usually start with a fabric that speaks to me and build from there. I ask myself what I would want to wear and what's missing in my own closet. Once I have a clear idea of the material and shape, I work closely with my team to bring it to life. It's important that the final piece feels natural to wear and easy to move in. The goal is always to make something useful but elegant. It's really about the product. I always try to find the imperfection in what I am working on, and I am constantly pushing myself to evolve and learn every time to improve the collection. Intuition and instinct are fundamental for me. If something does not feel right, I don't do it. FC: Tell us about the latest collection and what was on your mood board? AP: This collection is built on easy basics with strong forms like shirts, sweatshirts, soft cotton polos and denim. I wanted to make pieces that fit into real life but still feel special and different. The moodboard included natural textures, effortless attitude and boldness. I was drawn to soft neutral colors and clean cuts. It's the kind of wardrobe you don't have to think too much about. Every item is made in Italy thoughtfully designed to build a versatile capsule wardrobe for the modern woman. FC: How does your personal style influence your collections? AP: It influences everything. I design what I want to wear myself. I dress in a simple way, I like neutral colors, good fabrics and sharp cuts. That approach is part of the brand DNA. If something doesn't feel good on me, I don't include it in the collection. I believe personal style should be lived and definitely not forced. FC: What's a signature piece from your latest collection and the story behind it? AP: The cotton twill set (shirt and trousers). I wanted to take something very basic and make it feel modern, fresh and elegant at the same time. The fabric holds its shape, and the cut is flattering but relaxed. It's a piece you can wear in many ways on different occasions. ANNAGRETA Campaign LuisaViaRoma FC: You're based at LuisaViaRoma, a hub of luxury fashion, how has that influenced your brand? AP: Working at LuisaViaRoma taught me to mix tradition and innovation. I see what people respond to and what really lasts beyond trends. It also gave me an eye for detail and how important it is to present something with care and precision. At the same time, I learned how to work with talented designers from all over the world. That opened my thinking and helped shape how I built Annagreta. I focus on quality over quantity and make every piece count. FC: Who is the Annagreta woman? AP: She is someone who knows herself. She wants pieces that feel good and don't need explanation. She doesn't follow every trend but knows how to make clothes her own. I don't design for one type of woman, I think more about the attitude. She's active curious and likes things that last. She wants to look good and feel comfortable at the same time. ANNAGRETA Campaign LuisaViaRoma FC: What materials or techniques do you favor and why? AP: I choose materials that feel nice on the skin and hold up over time, made in Italy. Every fabric I use is chosen for comfort and function. I work with Italian companies who know their craft. The fit and feel of each piece is tested many times before it's finished. I want clothes that people reach for every day. You should never have to think twice when putting them on. FC: Do you work with local artisans or textile specialists? AP: Yes, I do. It's a big part of the process. I'm lucky to be surrounded by skilled people in Italy who really care about what they do. I work closely with pattern makers and fabric specialists who help bring each design to life. Their input is essential to making the clothes feel right. We keep production small so we can focus on doing it well. ANNAGRETA Campaign LuisaViaRoma FC: How do you want people to feel when they wear Annagreta? AP: I want them to feel like themselves but a little clearer and more grounded. The right clothes, they don't have to be loud to make you feel strong. When someone wears Annagreta I hope they feel relaxed and in control. It should be simple to wear and easy to style. I make clothes that support your day, not distract from it. See more on
Yahoo
3 days ago
- Yahoo
Officina Profumo-Farmaceutica di Santa Maria Novella Names Ludivine Pont CEO
MILAN — Ludivine Pont has been named chief executive officer of Officina Profumo-Farmaceutica di Santa Maria Novella, effective Sept. 1. She has been chief marketing officer of Balenciaga since 2021, working closely with artistic director Demna on the brand's global expansion and digital innovation. Pont exits the couture brand at a time of major changes, as Demna was appointed artistic director of Gucci in March. His swan song couture collection for Balenciaga was paraded in Paris earlier this month and the designer is being succeeded by former Valentino creative director Pierpaolo Piccioli. More from WWD Balenciaga's Foamposite-Inspired Basketball Sneaker Is Available Now for $1,550 Danielle Slavik, Model for Cristóbal Balenciaga, Dead at 81 Houbigant Paris, a 250-year-old Niche Fragrance Brand, Reawakens Before Balenciaga, Pont served as worldwide marketing and communication director at Moncler, which she had joined in 2016, at a time of development for the Milan-based brand as chairman and CEO Remo Ruffini overturned the company's business model and strategy, launching Moncler Genius in 2018, a series of drops and capsules with designers ranging from Pierpaolo Piccioli to Simone Rocha and Craig Green, to name a few. Prior to Moncler, Pont contributed to the international expansion of Philipp Plein. At the historic Florentine brand founded in 1221 and considered the world's oldest apothecary, Pont will be responsible for leading its global development, building on its unique heritage and artisanal know-how. Carlo Pesenti, CEO of parent Italmobiliare and chairman of Officina Profumo-Farmaceutica di Santa Maria Novella, emphasized the brand's 'unparalleled history, deeply rooted in Italian culture and the diffusion of perfume in Europe and the world. This is a heritage that we feel a responsibility to preserve and pass on.' Praising Pont's 'profound skills, international experience and strategic vision, we are certain she is the right person to contribute to the growth of the group, giving further impetus to the global development of Officina Profumo-Farmaceutica di Santa Maria Novella, always respecting the values and peculiarities that make the company a brand without equal in the world,' Pesenti concluded. Until her arrival, the company will continue to be led by general manager Giampiero Pesenti and the current management team, following the exit of CEO Giovanna Paoloni, who had joined in January last year. 'It is a great honor and a profound responsibility to take on the leadership of Officina Profumo-Farmaceutica di Santa Maria Novella,' Pont said. 'This is a house with an extraordinary legacy, over eight centuries of botanical and pharmaceutical excellence. My goal is to carry this heritage forward and create an experience of timeless care that speaks to the senses, to beauty and to time.' Officina Profumo-Farmaceutica di Santa Maria Novella is present in more than 30 countries, with a network of more than 400 points of sale. Investment group Italmobiliare, owned by the Pesenti family, took 80 percent of the Florence-based beauty company following two separate deals in 2020 and a combined investment of 160 million euros. Finalized in October 2021, the purchase of the remaining 20 percent stake was valued at 40 million euros. Italmobiliare has been supporting the company's international development and strategic transformation. The beauty company marked Italmobiliare's first investment in the perfume and cosmetics industry. In three years, the brand doubled the number of stores and sales, which in 2022 climbed 56 percent to 46 million euros compared to the previous year and exceeded 60 million euros in 2023. Santa Maria Novella has more than 600 products in its portfolio, encompassing scents, soaps, pomades, skin care, colognes and candles, all delivered in its signature, old-school packaging. In 2022, it introduced 'L'Iris,' the first eau de parfum the brand launched in 800 years of history. A bergamot-based fragrance created for the queen of France Catherine de' Medici in 1533 is still a bestseller. Best of WWD Which Celebrity Brands Are Next for a Major Deal? Lady Gaga, Beyonce and More Possible Contenders for the Next Corporate Prize The Best Makeup Looks in Golden Globes History A Look Back at Golden Globes Best Makeup on the Red Carpet, From Megan Fox to Sophia Loren [PHOTOS] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Yahoo
LuisaViaRoma's CEO Discusses Business Retooling Strategy, Milan Unit Closure
MILAN — Fashion retailers aren't immune to the havoc being wrought by the current macroeconomic headwinds and LuisaViaRoma, among them, is looking at streamlining business operations to overcome financial hurdles. According to Italian media reports, the retailer, a pioneer of e-commerce since 1999 and based in Florence, is planning to shut down its unit and office in Milan. More from WWD Veralab Sets International Expansion Plans, Starting From Spain Toteme to Open Second Store in London EXCLUSIVE: Industrie Africa Expands Into B2B With Launch of Retail Consultancy The move would affect 22 workers required to relocate to Florence, trade unions Filcams Cgil said. In an exclusive interview with WWD on Saturday, LuisaViaRoma chief executive officer Tommaso Maria Andorlini set the record straight. 'The closure of LuisaViaRoma's Milan office is part of a broader reorganization strategy,' he said. 'This moment demands a swift and thorough rethinking of both our distribution strategy and internal structure. Efficiency and a renewed focus on our core business have become essential. Centralizing currently dispersed teams at our Florence headquarters will help us rebuild cohesion, speed up decision-making, and strengthen our sense of shared purpose.' The 22 employees in Milan work in different departments including marketing, IT, and buying, among others. Andorlini believes that the Milan unit was non-strategic. 'It was as if part of the company's talent and know-how was operating from a subsidiary and this affected company culture,' he said. 'Reuniting remote teams will foster belonging and alignment. We will ensure maximum flexibility to support our employees throughout this transition.' The executive will meet trade unions on Wednesday, submitting the broader plan for the entire company's workforce, which, he said may entail resorting to the 'cassa integrazione,' a state-funded wage support measure. There are no plans for layoffs or redundancies for the time being, Andorlini said. 'We've approached this streamlining process with great responsibility, committed to maintaining tangible ties with the individuals who contribute to our success every day. Employees from the Milan office will be reassigned within the organization, with consideration for their skills, personal circumstances, and individual journeys,' he said. 'We hope everyone is willing to row in the same direction,' he said about the meeting with unions. The CEO also squelched rumors that for the past year have recurred frequently that the retailer was seeking to enter a court-mediated composition with creditor procedure. It is however in negotiation with financial creditors. According to preliminary figures, the retailer logged sales of 310 million euros in 2024. Financial debt currently stands at 30 million euros. A capital increase was successfully completed this month, the executive said, while declining to disclose its amount. 'The shareholders of LuisaViaRoma are fully committed to this [restructuring] path…. the investor group stands ready to support the company's future growth, a future we all believe in,' Andorlini said. 'We also believe that it is precisely in uncertain moments like this – of uncertainty but also opportunity – that vision and resolve can forge a stronger, more relevant, and future-proof path ahead for the company.' In July last year LuisaViaRoma opened its second brick-and-mortar unit in New York's NoHo, flanking the storied boutique on Florence's Via Roma. Andorlini said that in the 18 months prior the company had heavily invested in the U.S. market, which had become its largest, growing in the high double-digit range. In light of geopolitical instability and dented consumer confidence, the onset of 2025 has seen a mixed performance in the country. Looming tariffs on imported goods to as much as 30 percent could further impact business in the region. 'Until February 2025, the U.S. was our largest market, registering double-digit growth. But from March, and more sharply from April, we've seen a sudden, dramatic downturn. The introduction of tariffs comes amid a broader crisis of confidence in fashion pricing. Consumers have long started to sense a growing disconnect between price and actual value. The added cost from U.S. duties risks further alienating them,' Andorlini explained. 'This is not merely an economic issue — it's a matter of perception. Today's consumers compare prices globally with ease. When geographic price gaps feel unjustified, they breed uncertainty and mistrust. If this situation isn't resolved quickly, we will be forced to reconsider our entire approach to the U.S. market,' he continued, urging the fashion system, Italy and the European Union to act synergistically. Following years of overconsumption and post-COVID-19 luxury spending euphoria, the U.S. tariff threats come as other regions experience uneven business performances, including the Middle East and Russia, plagued by ongoing conflicts, as well as China, in light of a progressive shift toward domestic brands and retailers. As part of his strategic vision, Andorlini said that the retailer has been retooling its offering and brand mix to align with demand of a discerning clientele growing tired of megabrands' progressive shift from product- to experience-centricity. 'LuisaViaRoma recognized this shift a year ago and began refining its brand mix to make it more selective and coherent. Our audience has consistently shown inclination to sustainability and social responsibility. In this landscape, we believe our role is to elevate brands and products that align with these values, with particular attention to balancing ethics, quality, and pricing,' the CEO explained. Acknowledging that Italian independent multibrand retailers are facing similar or often bigger challenges, Andorlini reiterated his commitment to the business model. As reported, LuisaViaRoma is partnering with the Camera Buyer Italia and its marketplace to create a multistore online destination to be launched later this year. LuisaViaRoma was established by president Luisa Jaquin — the grandmother of the retailer's president Andrea Panconesi — who planted the seeds of the family company's success by opening the concept store in 1929. Following Style Capital's investment of 130 million euros to acquire a 40 percent stake in the retailer in 2021, Panconesi left his post as CEO — now held by Andorlini, who succeeded Yoox veteran Alessandra Rossi — to be president of the company, while his daughter Annagreta serves as creative director of both the website and physical stores. Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns
