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Superstorm Sandy cost New York $19 Billion

November 27, 2012 by  
Filed under Uncategorized

Source: New York Daily News By: Erin Durkin

The city suffered a whopping $19 billion in losses from Superstorm Sandy, Mayor Bloomberg said Monday in a plea for federal aid.Bloomberg said he will travel to Capitol Hill Wednesday to make the city’s case with Congressional leaders.
He’s asking the feds for $9.8 billion in aid, on top of the $5.4 billion the city expects in automatic reimbursements from FEMA.
“The City will struggle to recover in the long term unless expedited federal funding is supplied,” Bloomberg wrote in a letter to the New York Congressional delegation.
“New York City agencies worked around the clock to implement preparatory measures to mitigate the effects of the storm as well as respond to its aftermath. Because of the sheer impact of destruction, many City agencies are only now beginning to focus on the recovery,” he wrote.
“Additional federal assistance is required to ensure that the storm costs, currently estimated at $4.5 billion for City agencies, do not compromise the services and operations that New Yorkers rely on the City to provide.”
Bloomberg estimates that the storm will cost city agencies $4.5 billion, cost $8.6 billion in damages to private individuals and businesses – $3.8 billion of that covered by private insurance – and $5.7 billion in economic losses.
It was not immediately clear how much of the city’s request will overlap with the $30 billion Gov. Cuomo requested from the feds.
The governor was scheduled to meet Monday with members of New York’s congressional delegation, including Democratic Sens. Chuck Schumer and Kirsten Gillibrand, to go over his funding request.


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