11/8/2012
By Ivan Pereira
Gov. Andrew Cuomo said Hurricane Sandy could cost the Empire State $33 billion in damages and economic impact.
“That is a staggering number especially with the financial situation we have been in,” he said.
The governor added the billl would add $1 billion to the state’s deficit.
While there’s been no official figure on the impact to the city, a spokesman for the City Comptroller’s office said has taken a $5 billion hit in economic impact.
The representative added that the city generates about $2 billion a day, but they are concerned about the small businesses employees who rely on a paycheck week to week.
“If their cash flow is wiped out for even a week it can be devastating to them,” the spokesman said.
Carol Kellermann, the president of the nonprofit watchdog group Citizen Budget Commission, said the economic scope of the storm could be felt for months not only due to the business loss but also due to the rebuilding efforts.
From restoring power transformers to building new homes, it’s going to take time and a lot of money.
“You’re talking about big capital projects,” she said.
Kellermann added FEMA funding would mitigate the financial woes and the governor agreed. He told reporters that he would fight to make sure the federal government completely reimburses the state for Sandy damage.
“If they think any local or state government can pay any more of the damage, they are wrong,” he said.
