(NEW YORK) — A catastrophe modeling company says that Hurricane Sandy could result in economic losses reaching $50 billion.
It’s quite a different and more distressing figure than what Eqecat Inc. came up with earlier in the week.
After Sandy swept through the Eastern Seaboard, devastating large areas of New Jersey and New York City, Eqecat Inc. put economic losses at $20 billion, with as much as $10 billion in insured losses.
By Thursday, the revised estimate was $30 billion to $50 billion, with $20 billion in insured losses.
On a more positive note, it’s expected that New Jersey and New York homeowners won’t have to pay hurricane deductibles on insurance claims since theoretically the storm was downgraded from hurricane status by the time it reached landfall Monday evening.
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Madison Park, CNN
Ahiza Garcia, CNN
Alanna Petroff, CNN