Tags: nyc | sandy | storm | loss

Bloomberg: NYC Seeks $9.8 B in Aid for Sandy Storm Losses

Monday, 26 Nov 2012 12:51 PM

 

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New York City is seeking $9.8 billion in federal funds to repair infrastructure and recoup economic losses caused by Hurricane Sandy, Mayor Michael Bloomberg said.

Private insurance and reimbursements by the Federal Emergency Management Agency would pay only for $9.2 billion of the $19 billion in total public and private losses to the city from the superstorm, Bloomberg said in a letter to state Congress members. New York City’s request includes $5.7 billion in lost economic activity.

“This funding will be needed to address the significant local expenses that have been and will be incurred, including costs that are ineligible under FEMA such as hazard mitigation, long-term housing solutions, and shoreline restoration and protection,” Bloomberg said.

Sandy, the biggest Atlantic storm in history, pounded the most populous U.S. city on Oct. 29 with winds of as much as 100 miles (160 kilometers) an hour. The storm killed more than 40 people in the city’s five boroughs, left 10,000 homeless and flooded transit tunnels and underground utilities.

New York Governor Andrew Cuomo has estimated the total cost of the storm to the state at $33 billion and is seeking a special federal appropriation of about $30 billion to help the state recover. New Jersey Governor Chris Christie pegged the damage to the Garden State of $29.4 billion, while Connecticut Governor Dannel Malloy is projecting at least $360 million in damages.

Bloomberg is founder and majority owner of Bloomberg News parent Bloomberg LP.

 

© Copyright 2014 Bloomberg News. All rights reserved.

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