Sandy Expected to Cost New York Economy $18 Billion
Hear that, Keynesians?
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 spokeswoman said