New estimate for economic damage from storm: $50B

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The total economic damage from Superstorm Sandy could run as high as $50 billion, according to new estimates from the forecasting firm Eqecat. The new numbers are more than double the firm's previous estimate.

Eqecat said Thursday that its new estimate for economic losses is between $30 billion and $50 billion. The cost to insurance companies could run from $10 billion to $20 billion.

Widespread electric outages will likely push the costs higher than in a typical Category 1 storm, Eqecat said. The lack of subway service in New York City and blocked roadways also led the firm to raise its damage estimate.

Before the storm hit, Eqecat estimated that the total economic losses could range as high as $20 billion and that insured losses could reach $10 billion.



NYC subway creaking back

NEW YORK (AP) -- Subways are rolling in much of New York City for the first time since superstorm Sandy crippled the nation's largest transit system.

But ridership has been light, and service is limited.

And some New Yorkers are tired of waiting for the lights to come back on, and for services to be restored. People boarding buses out of town say they've had enough of dark, dirty and unsafe conditions where they live.

All three of the major New York area airports are now operating under reduced schedules. LaGuardia Airport was the last of the three to open. It has two runways that were inundated by the surge from Hurricane Sandy.

Stranded passengers around the world are starting to get where they are going. In the U.K., Virgin Airlines said it flew an extra flight yesterday to clear a backlog of passengers, and it's operating its normal four flights to New York today.



 
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