Sunday, November 4, 2012
Cleanup will cost a bundle
From the NY Observer:
Economic costs related to Hurricane Sandy could top $18 billion in New York State, Comptroller Thomas DiNapoli said today in a statement. Those costs include the disruption of business and loss of property and wealth, though estimates remain in flux due to the continued power outages, especially in lower Manhattan.
"Our daily infrastructure of highways, power, sewer and water—the elements of modern life that we take for granted—have all been altered by this storm," Mr. DiNapoli said in the statement. "Though the rebuilding effort may offset some of these losses, we must continue to monitor what the long-term economic impact to New York will be."
The catastrophe modeling firm Eqecat is estimating total U.S. economic costs from Hurricane Sandy at between $30 to $50 billion.
Damage to infrastructure, meanwhile, including highways, airports, seaports and sewer and water systems is estimated in the tens of billions of dollars, though much of those costs will be covered by insurance or federal aid.