Wednesday, October 31, 2012

$60 billion in Superstorm Sandy devastation, one of worst US clean-up bills

The damaged front of an auto repair shop on Atlantic Avenue is seen in the aftermath of Hurricane Sandy's landfall in Atlantic City, New Jersey, October 30, 2012.  (Reuters / Tom Mihalek)

"The worst of Superstorm Sandy may be over, but it’s left a trail of extensive – and expensive – devastation behind. Lost business and damages will cost up to $60 billion to fix, says forecasting firm HIS Global Insight.
The costs include an estimated $20 billion in property damages and $10 billion to $30 billion in lost business, AP reports.
What’s worse is that most homeowners will have to pay for home repairs out of their own pockets – because standard insurance policies don’t cover flood damage and few homeowners have flood insurance"
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