Hurricane Sandy could cost billions in damages
Share Now on:
Al Lara, who is the spokesman for the largest one — Northeast Utilities, says the company has spent big bucks trimming trees near power lines to prevent future damage. “It’s a significant investment, but what the storm from last year has taught us is that it’s something that’s required,” says Lara.
Power outages can lead to a third of the economic damage from a big storm, says Chuck Watson, with the risk assessment firm Kinetic Analysis. He estimates Sandy’s overall price tag could top $15 billion. “Just about everyone at all levels can suffer from these kinds of events… So for instance, instead of maybe expanding your warehouse and maybe adding a couple of workers, now you’re having to cover the deductibles to fix the roof.”
Watson says small businesses and hourly workers will especially lose out as Sandy makes landfall on a Monday.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.