Today Mayor Bloomberg formally announced the final gross estimated economic impact of Hurricane Sandy: "Private and public losses" resulting from the superstorm are expected to top $19 billion. "After subtracting private insurance of $3.8 billion and FEMA reimbursement of $5.4 billion, the net cost to repair the damage caused by Hurricane Sandy will be approximately $9.8 billion," Bloomberg wrote in a letter to members of the New York State Congressional Delegation (see below).
That $19 billion estimate includes $4.5 billion in damages to city agencies, $5.7 billion in lost business, and $4.7 billion in uninsured private losses. "Whether it was a small retail store in Coney Island that lost its inventory in a flood or a restaurant in Staten Island forced to close due to a loss of power, Hurricane Sandy caused an estimated $5.7 billion in lost gross product in the City," Bloomberg wrote. "These businesses are crucial to the City’s economy and to the communities that rely on their services, and the work of recovery will not be complete until they are back in business."
The request for aid comes as Cuomo meets today with Senators Charles Schumer and Kirsten Gillibrand, among others, to discuss his $30 billion request for federal aid. Cuomo was the first official out of the gate to request a specific number from the Federal government in the wake of the hurricane, and sources say members of the Congressional delegation were angered because Cuomo had not communicated with him before asking for the $30 billion, which some see as excessive. Last week Schumer told Capitol Confidential, “I’m not sure the number is $30 billion."