Disney World's Estimated Losses After Hurricane Milton Forces Shutdown
Natural disasters can severely disrupt businesses, communities, and even entire economies. In the case of major storms like hurricanes, industries tied to tourism, such as theme parks, often bear the brunt of the impact.
Walt Disney World, one of the world's largest and most iconic theme parks, is preparing for substantial financial losses as Hurricane Milton bears down on Florida. This storm, with its high wind speeds and heavy rainfall, is expected to affect operations and attendance significantly.
Hurricane Milton, a powerful category five hurricane, is forecast to hit Florida's west coast. It will bring storm surges of up to 15 feet and wind speeds as high as 160 mph. Many residents in the path of the hurricane have begun to evacuate, while businesses across the region are taking precautions.
In the Orlando area, Walt Disney World has already announced temporary closures of several parks in anticipation of the storm's arrival. These closures include Disney's Hollywood Studios, Disney's Animal Kingdom, and the famous Magic Kingdom.
According to Forbes, Disney expects these closures to last through Thursday, which could result in massive revenue losses. A Goldman Sachs report cited by Forbes estimates that the financial toll from Hurricane Milton could be between $150 million and $200 million.
These losses would come from the parks' closure during the storm and a projected drop in attendance once the parks reopen. Analysts predict visitor numbers may decline by as much as six percent for the current quarter due to lingering concerns over the storm's aftermath.
Florida's west coast is at risk of hurricanes.
The economic damage from Hurricane Milton could surpass the costs of previous hurricanes in Florida. For instance, in 2017, Hurricane Irma caused significant disruption to Disney's operations, leading to losses of around $100 million after the parks were closed for two days.
Additionally, Disney was forced to cancel several sailings on its Disney Cruise Line due to the storm. Comparatively, the potential financial damage from Hurricane Milton could make it the most expensive storm Disney has faced since Hurricane Irma.
Evacuations are currently underway in Florida.
The impact on residents and businesses is expected to be severe, as well as financial losses. According to the National Weather Service, Orlando is under a hurricane warning, with winds forecasted to reach speeds between 74 and 110 mph.
The area is also expected to receive approximately 12 inches of rain, which poses a significant risk of flooding. The National Weather Service has issued strong warnings, stating that these wind speeds represent a "threat to life and property." Residents are urged to prepare for considerable damage.
"Hurricane Milton is here at Walt Disney World!"
The weather warnings have created concern among the area, including tourists visiting Walt Disney World. Some visitors have taken to social media to share their experiences.
One video posted on TikTok shows the early effects of the storm, with strong winds starting to pick up at Walt Disney World. The video was recorded by someone sheltering in their hotel room as they waited for the storm to pass.
While the immediate focus is on safety and ensuring people evacuate or take precautions, Hurricane Milton's economic consequences are already evident. As one of Florida's key tourism destinations, Walt Disney World is expected to experience a sharp drop in revenue during and after the storm.
The full extent of the financial impact will likely become more evident in the coming weeks. However, as history has shown, the theme park giant will continue to rebuild and recover, just as it has in the wake of past hurricanes.
