Hurricane Sandy’s economic toll is poised to exceed $20 billion after the biggest Atlantic storm slammed into the Eastern U.S., damaging homes and offices and flooding subways in America’s most populated city.
The total would include insured losses of about $7 billion to $8 billion, said Charles Watson, research and development director at Kinetic Analysis Corp., a hazard-research company in Silver Spring, Maryland. Much of the remaining tab will be picked up by cities and states to repair infrastructure, such as New York City’s subways and tunnels, he said.
With Sandy set to continue as a non-tropical storm throughout New England over the next several days, economists and analysts have varying estimates on the potential damage.
hillips 66 shut down its refinery in Linden, New Jersey, and Hess Corp. closed a facility in Port Reading, New Jersey, the Energy Department said. The Hess facility doesn’t process crude oil. Other refineries in New Jersey, Pennsylvania and Delaware reduced output, according to the department.