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Latest Estimate Shows Sandy Cost $33 Billion in NYS, Cuomo Says

3:28 PM, Nov 8, 2012   |    comments
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ALBANY -- Superstorm Sandy may have caused $33 billion in costs and lost business in New York state, Gov. Andrew Cuomo said Thursday.

Cuomo unveiled the estimate at his latest briefing on the state's response to the storm, which left more than 2 million customers without power at its height, mostly in the downstate region.
In total, the storm may have had a $50 billion impact on the northeastern states, Cuomo said.

"The first cost estimate that I have seen has suggested that this storm will cost the region $50 billion in damage and economic loss," Cuomo said at a Manhattan briefing. "State of New York, about $33 billion in damage and economic loss."

In addition, Sandy appears to have had a major impact on the state's upcoming budget, according to Cuomo. The storm has added at least $1 billion to the state's upcoming budget deficit, which already totaled about $1 billion.

"I worked for two years to close deficits, a $10 billion deficit, which was all the money in the world," Cuomo said. "We're looking at an additional $1 billion deficit on the state side, maybe higher after what's happened."

Last week, an initial estimate from Comptroller Thomas DiNapoli showed Sandy left New York with an economic hit of as much as $18 billion, but his office warned that the estimate could grow significantly.

By Jon Campbell, Albany Bureau

Gannett

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