The hurricanes we've been seeing on the east coast have done more that damage homes and business. In fact, Florida's crisis will be felt outside its borders. Hurricane Charley did about $150 million dollars worth of damage to Florida's citrus industry alone as it hit the southwest side of the state. Then, Frances rolled in on the Atlantic side of Florida and caused severe damage to areas where grapefruit is grown. The damage from these hurricanes may seem unsubstancial in world terms because after all, it is only one state, right? . . . Wrong! Florida dominates the national and international markets by 75% , bringing in $9.1 billion dollars to its industry.
Currently, Hurricane Ivan is on track for the Gulf Coast with about 155 mile per hour winds. Is damage to the citrus industry still on the rise? How will the world market compensate for this loss? Demand for citrus products will be high, while the supply will be limited, driving up prices. How much will you be willing to pay for orange juice with your breakfast?