Moody’s chief economist calls Sandy storm as one of the most economically damaging in US history

Chief economist at Moody’s, Mark Zandi has termed the Superstorm Sandy as to be most economically wrecking in US history. The bill assigned to the destruction in US caused by Sandy is an astounding US$50Bn.

Katrina, 9/11 and Hurricane Andrew are the only other disasters to have taken place in the past that caused economic destruction greater to what has been caused by Superstorm Sandy.

In a teleconference with Yahoo Finance, Zandi said that $30Bn will be lost due to damage in households, businesses and infrastructure whereas the $20Bn may be lost resulting from production halt taken place at these businesses and organizations grappling with the after-effects of storm.

However, he also didn’t forget to put a disclaimer while making the claim and safeguarded him saying that these are preliminary estimates and actual figures may be different from what he is quoting right now.

The Sandy storm has affected a vast area of US that includes the area from Washington DC to Maine. On Jersey Shore homes have been washed away like sand on the beach. Subways, roads and tunnels in Hudson and New York area have also suffered from the storm killing as many as 50 people in all the states.

Financial services industry is set to lose the most during the storm, standing at $7Bn due to productivity lost. Next in the line are professional and business services estimated to lose $4.6Bn and last in the list is damage countered by government which stands at $2.6Bn.

Source: Yahoo Finance

Photos: CP24, Equipment World, ABC Local


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