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Bear in mind that coastal development was virtually non-existent in 1938.
Loss of life might not be as severe, but property damage could be staggering.
Lots of people with no clue of how powerful even a cat 2 storm can be, have built or have bought houses that will turn into driftwood. Don't forget--Bob hit here at low tide, and there was still a pretty big storm surge. My mom has pictures of what Taylor's Point, at the west end of the Canal behind the Maritime Academy, looked like after Carol in 1954--it ain't pretty.
We are way overdue for one of these things to hit us head-on, with 130 mph winds, at high tide.
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