From the NY Observer:
As New York continues to grapple with closed subway stations and an overcrowded shelter system following Hurricane Sandy’s late October destruction, the City is looking for a little help from its friends in Washington. Mayor Michael Bloomberg sent a letter to members of New York’s Congressional delegation today, estimating the damage caused by late October’s superstorm at $19 billion in public and private losses.
The Mayor’s request to Congress includes a breakdown of the City’s losses caused by the storm, including $5.7 billion dollars in lost gross city product and $4.5 billion spent by city agencies in the storm’s wake. Mr. Bloomberg wrote that “the city will struggle to recover in the long term unless expedited federal funding is supplied.” How much funding? Bloomberg is angling for $9.8 billion in additional money to supplement the $5.4 billion in FEMA assistance and the $3.8 billion dollars of damage that was covered by private insurance. FEMA money does not cover challenges like long-term housing solutions and shoreline restoration.
The number tops Comptroller Thomas DiNapoli’s post-storm estimate of damage totaling somewhere between $15 billion and $18 billion.
The damage in the greater New York area is expected to be much larger, with Governor Andrew Cuomo saying that he would be asking for at least $30 billion in aid several weeks ago. Governor Cuomo met with members of New York’s Congressional Delegation today in Midtown Manhattan to discuss his request for aid.