No shock really but Hurricane Sandy is turning into a very, very expensive storm. And not just in lost economic activity (it is estimated we're losing about $200 million a day in that) but also just in paying for the immediate clean up. According to Comptroller John Liu, the cost of emergency contracts as of 10:30 a.m. this morning was $29.9 million. Hey, refrigeration trailers for the Chief Medical Examiner aren't going to pay for themselves!
So what is the specific breakdown of those emergency costs? Here's what the Comptroller's office tells us has been approved so far:
- DDC - $12 Million for heavy equipment and construction related services
- DOB - $750,000 for structural engineers
- OEM - $3.2 Million for a host of goods - oxygen, ambulances, ambulettes, buses, MREs, livery cars, sandbags, vacuum trucks
- DCAS - $2 million in heavy equipment and vehicles
- DEP - $5 million for pumping equipment
- Sanitation - $7 million for heavy equipment
- DoITT - $30,000 for laptops to use at City Hall
- Chief Medical Examiner - $12,150 for refrigeration trailers
How does this compare to Hurricane Irene? Well, at this point the estimates on emergency contracts for that storm were "around $10—12 million. We expect the current number to grow in the coming days." In the meantime, Liu is estimating that economic activity in the city is about "20 percent of usual. It's a huge drop. And it's probably not going to get back to 100 percent for some time."
And the actual cost of Sandy is just starting to become clear. According to EQECAT, a catastrophic risk consultant to insurers, Sandy "may have caused $10 billion to $20 billion in total economic damage, with $5 billion to $10 billion in insured losses. Between 30 percent and 40 percent of those costs are in New York City."