Hong Kong’s worst torrential rain since 1884 could cost the city more than $100 million, according to a Bloomberg Intelligence estimate.
The heavy downpour that pummeled the city last night and into the morning wrecked vehicles, flooded subway stations and damaged shopping malls. MTR Corp. has already suspended part of its Kwun Tong Line due to flooding near Wong Tai Sin station.
The typhoon that hit the city last week, Saola, did less damage, according to the BI report, because even though it was the most severe since Typhoon Mangkut in 2018, it didn’t trigger much flooding. Mangkut, which did cause floods, resulted in $470 million in damages. Typhoon Hato the year before triggered $140 million in claims.
Schools were suspended on Friday, while employers were called on to prioritize staff safety and adopt flexible work arrangements, the government said in a statement. The stock market canceled trading due to the rainstorm. Extreme conditions under heavy rain will remain at least until 6pm, according to a separate government statement. Further measures would be announced at 3pm, the statement added, without stating whether the black rainstorm warning would remain in effect until 6pm.
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