Sandy costs New York City $200 million a day in economic damage

The aftermath of super storm Sandy is costing New York City up to $200 million a day in permanently lost economic activity, including everything from the sale of pizza slices to corporate mergers and other Wall Street deals, the city’s comptroller said on Wednesday.
 
New York City generates up to $2 billion a day from various economic activities on average. But the Big Apple could lose 10 percent or more of that forever, Comptroller John Liu said in a Reuters interview.
 
Sandy made landfall on the New Jersey coast on Monday, leaving massive flooding, power outages, crippled transportation systems and 64 people dead in its wake.
 
The storm’s long-term impact on the world financial capital is still unclear, but the city should eventually recover much of that.”Over the last couple days, economic activity is down to about 20 percent of usual. It’s a huge drop. And it’s probably not going to get back to 100 percent for some time,” Liu said.
 
“Based on past history, most of that economic activity is not completely lost, it’s just postponed. We don’t believe the permanently lost economic activity will exceed $1 billion.”   Read more... (199 words)

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