Storm's cost may hit $50B; rebuilding to ease blow

[Omaha Steve]

Source: AP-Excite

By CHRISTOPHER S. RUGABER and MARTIN CRUTSINGER

WASHINGTON (AP) - Superstorm Sandy will end up causing about $20 billion in property damages and $10 billion to $30 billion more in lost business, according to IHS Global Insight, a forecasting firm.

In the long run, the devastation the storm inflicted on New York City and other parts of the Northeast will barely nick the U.S. economy. That's the view of economists who say a slightly slower economy in coming weeks will likely be matched by reconstruction and repairs that will contribute to growth over time.

The short-term blow to the economy, though, could subtract about 0.6 percentage point from U.S. economic growth in the October-December quarter, IHS says. Retailers, airlines and home construction firms will likely lose some business.

The storm cut power to more than 8 million homes, shut down 70 percent of East Coast oil refineries and inflicted worse-than-expected damage in the New York metro area. That area produces about 10 percent of U.S. economic output.

FULL story at link.


Read more: http://apnews.excite.com/article/20121030/DA285BQ00.html

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The streets surrounding the New York Stock Exchange are deserted as financial markets remain closed for the second day due to superstorm Sandy, Tuesday, Oct. 30, 2012. Superstorm Sandy could mean a slower economy and higher gas prices in coming months, though reconstruction will help cushion the economic blow (AP Photo/Richard Drew)

[SCVDem]

1. Here, let me give you a voucher!

If a voucher instead of FEMA seems silly, why would they do it for health care?

Romney is a greedy idiot!

[SleeplessinSoCal]

2. I was thinking 100 bilion.

[quaker bill]

3. Having been there, and as ugly as it seems

reconstruction can produce alot of jobs. I rode through 4 back to back storms in 2004 at my house. In this state we were hiring people from all over the country after they were done. It is an ugly and dangerous way to make work that no one ever wishes for. But jobs are jobs these days.

[Posteritatis]

4. Results in a lot of people with a lot of different types of experience, too

Someone who pitches in as a labourer for some of the repair work there, spends a year or two on that (because it's gotta take at least that long even in NY)? Given the economy, they still won't be in "write your own ticket" territory afterwards, but they'll have opportunities they wouldn't have before.

I did a couple years in the restoration industry myself (white collar, not blue); there was always a cyclical wave of hiring during the major storm seasons here. Small core of permanent labour staff and about a six-month turnover from the newer guys, who'd usually pass on from restoration to less weather-dependant work after some time there getting some money and some reference credentials. I'd see quite a few guys come in as basic general-labour hammermonkey types, and six months later they'd be taking on an apprenticeship with one of the subtrades or what-have-you.

Disaster work is anything but stable, but it can kickstart things for some guys who need a paycheck or want to start getting experience.

[quaker bill]

6. Recovery work produces more jobs per $

because there is so much of it going on at the same time in so many places.

[Rustycup]

5. That is still cheaper then Romney's 2 Trillion

Miliatary budget......he can take it from there

[Katashi_itto]

7. As a inhabitant of New Orleans. I need to say...Hmmm should we really rebuild the East Coast...?

After all Hurricanes hit this particular coast with regularity.....




Gosh....what happened to all those Repukes saying that about NOLA? Why arent they saying that now?