Photo of fallen tree in Bed Stuy by Martina Maffini
It’s clear that Hurricane Sandy had a devastating impact on New York, but this week, Governor Cuomo gave his estimate of exactly how much the damages tallied up to – $42 billion. The governor also made it clear that he doesn’t feel New York tax payers should have to pony up for repairs of infrastructure and homes. Standing by that position, he and Mayor Michael Bloomberg are asking for federal disaster aid funds to foot the bill for the exorbitant damages.
The immense damage to the hundreds of homes and businesses lost by the hurricane are estimated to cost well over $32 billion to repair. The necessary restoration, rehousing, rebuilding and demolition adds up, not to mention the costs of clearing out wreckage and transporting debris to landfills. In addition to the rebuilding process, another $9 billion will be needed to take preventative measures for future storms such as the installation of water diversion and storage systems throughout the city and region.
Some think that the damage costs could even reach $50 billion, but the governor is sticking with the $42 billion request, which is $12 billion above what he and his cabinet had initially determined to be the cost of the wreckage.
Governor Cuomo and Mayor Bloomberg presented their requests for Sandy relief funds to the state’s congressional delegation on Monday. The request will then be presented to the federal government in an application for federal aid.
The estimated $42 billion for Hurricane Sandy still falls behind the nation’s worst storm, Hurricane Katrina, which cost around $128 billion in today’s dollars.
Via CBS News