Billion Dollar Losses Likely from Hurricane Sandy
(NEW YORK) -- The multi-billion dollar insurance losses from Hurricane Sandy could be larger than anyone expected before the massive storm blew ashore, and it may take weeks to assess the damage from widespread flooding and destruction in the east.
Preliminary estimates are that Sandy will be a lot more expensive than last year’s Hurricane Irene, which according to one finding cost nearly $16 billion with more than ten states directly affected. The National Flood Insurance Program will step in to pay for some of the damage.
Stock trading is closed for a second straight day. Bond trading will also be closed. It is the first time since 1888 that the exchange will have been closed for two consecutive days because of weather.
Transportation is at a standstill in the Northeast. Airlines grounded thousands more flights on Tuesday, stranding travelers as far away as Europe and Asia. Amtrak says it’s canceled all service on Tuesday in the Northeast because of high winds and heavy rains. Cargo container operations were suspended in the normally busy ports of New York and northern New Jersey.
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