New York City, New York
After the arrival of Hurricane Sandy on Monday across the eastern coast of the U.S. which was the largest weather related storm in a century that shut down New York City, caused widespread damage, and halted trading on Wall St. for two days, traders are beginning to return to work on Wednesday morning as infrastructure re-building begins to unfold across the resilient city.
The infrastructure re-building from the hurricane is expected to cost somewhere between $20-30 billion dollars across the region which may provide an added economic spending boost to the overall economy as well as GDP figures for the 4th quarter or the 1st quarter.
Fixing the flooded New York City subway system, a lifeline for millions of New Yorkers, will clearly be a costly undertaking.
By Tuesday evening, subway and commuter rail service were suspended and limited bus service was expected to resume at 5 p.m.
In nearby New Jersey, Gov. Chris Christie reported there was “major damage on each and every one of New Jersey’s rail lines.”
IHS Global Insight estimates that the overall financial cost from Hurricane Sandy could run as high as $50 billion. The figure includes missed economic opportunity from the devastating storm.
President Obama approved disaster programs for New York and New Jersey, making them eligible for federal assistance for rebuilding.
New Jersey Gov. Chris Christie praised President Obama for swiftly coordinating federal intervention in New Jersey.
“The federal government’s response has been great. I was on the phone at midnight again last night with the president, personally, he has expedited the designation of New Jersey as a major disaster area,” said Gov. Christie, in an interview with NBC’s “Today Show.”
President Obama has already suspended campaigning for a third day to help coordinate and monitor the emergency response.
He will visit the storm ravaged state of New Jersey later on Wednesday to view damage with Gov. Christie and thank emergency workers.
New York Mayor Michael Bloomberg estimates that it will take more time to restore the entire city.
“The damage we suffered across the city is clearly extensive and it will not be repaired overnight. The two biggest challenges facing our city going forward are getting our mass transit system up and running and restoring power,” said Mayor Bloomberg.