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Although it's hard to understand what "ふう+う" means, I guess that your idea is correct.
You have: 風雨{ふうう} = 風{ふう}+雨{う}
So, pronunciation-wise, the double う is not a "very long, continuous う" but rather you pronounce two distinct うs as in ふう-う (where the dash indicates a sort of pause. In practic...