Sandy storm damage could exceed $20 billion
| October 30, 2012 |
Sandy, the largest Atlantic storm in history, hit the Eastern coast of the United States Monday night, leaving damage that could exceed $20 billion in its wake.
According to a report from Bloomberg, in addition to insured losses between $7 billion and $8 billion, are huge losses to city and state infrastructure.
Public transportation, oil refineries, energy terminals and both airports in the New York City/New Jersey area saw massive damage. According to the Associated Press, President Barack Obama has declared New York City and Long Island a “major disaster,” opening people in the area up to federal funding to assist in the cleanup.
Comparisons of the damage are being made to those seen after Hurricane Katrina, which hit New Orleans in 2005. Katrina also had a heavy impact on public infrastructure, however, damages from Katrina totaled $40.1 billion, making it the costliest storm in the nation’s history.