I don't know what Magic's financial situation is, but being a regional cluster I'm hoping they have the income from other markets to take the hit while waiting on insurance to come through with cash for repairs. iHeart, despite its impending emergence from bankruptcy, probably has the ability to weather hits to small markets like PC multiple times over without really hurting.
You don't really need to wait to see how much radio has fallen as a medium for people looking for instant information. Just look at the Powell station's Facebook pages in the aftermath of the storm to see how few people are engaged with these outlets. They have a smattering of videos, picture posts and updates and each has maybe 1-3 likes. No comments. No engagement. And most telling, no comments asking when the stations will be back on, and nothing from the stations saying they're going away for good.
Contrast that to the WMBB Facebook page, which last time I looked had live streaming video of continuous coverage from WFLA in Tampa and hundreds and hundreds of comments on dozens of update posts. That's where people are gravitating, despite the OTA and cable signals being out.
I'm sure the situation would be different in a larger market like Birmingham or San Francisco where there are still big news/talk stations and lots of local talent to come in and do live/local content. But in a small market like PC, it appears that people know better than to depend on (music) radio and (canned) talk stations for anything at all.
That's a shame, but that's reality in the over consolidated, over radioed and fully internet-engaged society we live in.
The last time I personally remember radio being a big part of a natural disaster type event was the great snowstorm of '98 up in Birmingham. WERC led the way with a tiny handful of stations that managed to stay on the air 24/7 with news and updates. Even by 2011 when the big tornado hit Tuscaloosa and parts of the Birmingham suburbs, radio had been reduced to just carrying TV audio, or not breaking in at all with information.