Here's a nice powerpoint summary in .pdf of design procedures for wind loading.
http://www.cof.orst.edu/users/rosowsky/PDF%20downloads/WSE560%20Wind%20Loads.pdf
From http://www.stormtrack.org/library/damage/utlizat.htm
When L equals R, failure results. A brief summary of the procedure used to calculate failure wind loads employing the load-resistance concept is presented. Further explanation can be found in Marshall et al., (1983).
Uncertainties in structural resistance include variations in material strengths, fabrication, and underlying design assumptions. Ellingwood et al., (1980), recognized the uncertainties in structural resistance as a function of:
R = R M F P (1)
where R is the nominal code-specified resistance, and the terms M, F and P represent ratios in the uncertainties of material strength, fabrication and professional design assumptions, respectively.
The simplified expression for wind pressure can be written as:
q = c GC V (2)
where q is the wind pressure in pounds per square foot (psf), c is the air density term, G is the gust response factor, C is the pressure coefficient and V is the wind velocity in miles per hour (mph).
The total wind load, L, is represented by the product q A, where A is the area over which the wind pressure q is acting. Then, the failure wind speed can be calculated by setting the structural resisting moment equal to the wind induced moment. At failure:
(3)R M F P d V = c A GC e
where d and e are moment arms.
In other words, you're correct that at twice the wind velocity, that function quadruples the wind loading factor.
Note from the .pdf file that many codes and design procedures in the New Orleans area in the past were calling for 160 mph designs, although what is difficult to design is cumulative failures in stormwater drainage resulting in erosion and ground saturation. When the topography changes and the geometry of the foundations change, things start to fail rapidly and there is little safety margin for a stable structure once failure occurs in those high winds.
Cvengr, Thank you for your research and posting of the links. Appreciate your time!
q = c GC V (2)
where q is the wind pressure in pounds per square foot (psf), c is the air density term, G is the gust response factor, C is the pressure coefficient and V is the wind velocity in miles per hour (mph)." [emphasis added]
I asked this question a couple of hours ago and only got a response concerning the force of flood waters / storm surges: The Superdome has been described as being designed to withstand 200 MPH winds. Does the "200 MPH" wind contemplate the greater density present when air and large volumes of water are mixed [as would obviously happen in any hurricane] or just normal air with some humidity at standard pressures?