New York City is seeking $9.8 billion in federal funds to repair infrastructure and recoup economic losses caused by Hurricane Sandy, Mayor Michael Bloomberg said.
Private insurance and Federal Emergency Management Agency reimbursements would pay for only $9.2 billion of the $19 billion in total public and private losses to the city from the superstorm, Mr. Bloomberg said in a letter to New York state's Congress members. New York City's request includes $5.7 billion in lost economic activity.
Source: Bloomberg. Read full article. (link)