Sandy comes with $71 billion price tag

NEW YORK — New York State and New Jersey will need at least $71 billion to recover from the devastation of Superstorm Sandy and prevent similar damage from future storms, according to Business Insurance.

The total, which could still increase, came as New York Governor Andrew Cuomo said the state will need $41.9 billion, including $32.8 billion to repair and restore damaged housing, parks and infrastructure and to cover lost revenue and other expenses, the article stated.

According to the article, Cuomo’s figure includes $9.1 billion to be set aside to mitigate potential damage from storms like Sandy in the future.

Preliminary analysis released by New Jersey Governor Chris Christie’s office shows that the state suffered almost $30 billion in overall losses, due in large part to the damage to its transit system and coastline, the article noted.

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