At least 13 dead after Hurricane Milton hits Florida as Category 3 storm

Hurricane Milton could cause damage of more than $50 billion and possibly as much as $175 billion in a worst-case scenario, according to Wall Street analysts.

Just how much damage the storm leaves behind is tied to the path Milton takes and what area of Florida's Gulf Coast it hits.

RELATED: Officials expect Florida's coastline to change amid Hurricane Milton

Landfall in the heavily populated Tampa region could send damage totals soaring.

Two years ago, Hurricane Ian hit near Fort Myers as a Category 4 storm and led to $50 billion in losses.

Just how much damage the storm leaves behind is tied to the path of the hurricane.

In stunning video footage taken by NASA astronaut Matthew Dominick, Hurricane Milton is seen from space as it makes its way toward landfall.

In stunning video footage taken by NASA astronaut Matthew Dominick, Hurricane Milton is seen from space as it makes its way toward landfall.

Dominick shared the video on X, which he captured through the window of the SpaceX Crew Dragon, which is docked at the International Space Station (ISS).

Authorities have issued mandatory evacuation orders across 11 Florida counties with a combined population of about 5.9 million people, according to U.S. Census Bureau estimates.

Hurricane Milton churned Wednesday toward a potentially catastrophic collision along the west coast of Florida

Officials have warned that anyone staying behind must fend for themselves, as first responders are not expected to risk their lives attempting rescues at the height of the storm.

The mayor of Bradenton, Florida, joined ABC News Live Tuesday to issue a grave warning to residents who are not planning to evacuate.

"Get out of these areas because we can replace your home, we can't replace your life," Mayor Gene Brown said. "And we don't want to be finding bodies floating in rivers -- and we've seen that before," he added.

Thousands of fleeing cars clogged Florida's highways ahead of the storm, but time for evacuations was running out Wednesday. Tampa Mayor Jane Castor noted that up to 15 feet (4.5 meters) of storm surge forecast for her city would be deep enough to swallow an entire house.

"So if you're in it, basically that's the coffin that you're in," Castor said.

In Riverview, south of Tampa, several drivers waiting in a long line for fuel Tuesday said they had no plans to evacuate.

"I think we'll just hang, you know - tough it out," said Martin Oakes, of nearby Apollo Beach. "We got shutters up. The house is all ready. So this is sort of the last piece of the puzzle."

Others weren't taking any chances after Helene.

"I'm still in shock over the first one and here comes round two," said Evan Purcell, from Anna Marie Island. "I just have a pit in my stomach about this one."

Hurricane Milton was a Category 4 hurricane with maximum sustained winds close to 155 mph as of 8 a.m. ET Wednesday, according to the National Hurricane Center's latest update. The storm is in the Gulf of Mexico moving northeast towards Florida at around 16 mph.

"Milton is expected to be a dangerous major hurricane when it reaches the west-central coast of Florida," the NHC said early Wednesday. "Weather conditions are expected to begin deteriorating this afternoon."

Hurricane-force winds extend outward from Milton's center to around 30 miles, with tropical-storm-force extending out to 140 miles.

The Tampa Bay area faces the possibility of widespread destruction after avoiding direct hits from major hurricanes for more than a century.

Forecasters predicted the storm will retain hurricane strength as it crosses central Florida on Thursday on a path east toward the Atlantic Ocean. The hurricane's precise track remained uncertain, as forecasters Tuesday evening nudged its projected path slightly south of Tampa.

The Tampa area is bracing for a potentially record-breaking storm surge up to 15 feet. This would shatter the record-breaking storm surge set just two weeks ago from Hurricane Helene.

Storm surge could reach 12 feet in Fort Myers.

Because of Milton's large size, tropical storm-force winds are expected across nearly all of Florida. These winds will likely cause widespread damage to property and trees and leave millions without power for days to weeks.

The highest rain totals are expected from Tampa to Orlando to Daytona, where an extreme flash flood risk -- the highest level -- is in effect.

Five to 12 inches of rain is in the forecast; locally up to 18 inches is expected.