Nov 2 Temporary losses to New York state's
economy from super storm Sandy could reach $18 billion, State
Comptroller Thomas DiNapoli said on Friday.
Disruptions to daily business -- from Wall Street in New
York City to Main Street shops on Long Island and upstate --
could cause between $15 billion and $18 billion in lost economic
activity, according to DiNapoli's preliminary estimates.
Not all the damage to the state's economy is expected to be
permanent, however, as rebuilding efforts should provide a boost
with the sale of materials and increased employment, a DiNapoli
Sandy made landfall in neighboring New Jersey on Monday as
it barreled across the Eastern part of the continent. It
crippled power and transportation systems on the East Coast, and
killed at least 102 people in the United States and Canada and
at least 69 people in the Caribbean.
Before the storm, New York state's tax revenue collections
were already $436 million shy of initial projections. Tax
revenues could be further dampened because of Sandy, said
DiNapoli, who will issue his upcoming fiscal year outlook next
New York City Comptroller John Liu told Reuters on Wednesday
that Sandy is costing the Big Apple up to $200 million a day in
permanent economic losses, though the number should top out at
about $1 billion.