Sandy's cost to economy: Up to $50 billion

The estimated loss to the nation's economy from Superstorm Sandy has climbed to as much as $50 billion, making it one of the nation's most costly disasters.

Eqecat, which does loss estimates from catastrophes for the insurance industry, puts the total losses at between $30 billion and $50 billion. Its initial estimated loss earlier in the week was only $10 billion to $20 billion.

Eqecat said the higher estimate is due primarily to the large electric and utility losses, coupled with the transit and road closures that shut many businesses longer than expected. It also said further information about damage is raising the estimate.

It now believes the insured portion of the loss could reach in the $10 billion to $20 billion range, up from its earlier estimate of a $5 billion to $10 billion in insured losses.

Read Full Article from CNNMoney

- Posted: 2012-11-02 15:44:02

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