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Wednesday, October 31, 2012

Sandy, a great burden on the U.S. economy


When visiting the east coast of the United States the fury of Sandy flooded streets, caused at least 16 deaths, closed tunnels, bridges and caused the fire to 50 houses . But once the water starts to go down and return to normal activities, strong gusts of winds have also drawn billions of dollars in damage. The hurricane that affects 50 million people will cause economic damage of between U.S. $ 10,000 and 20,000 million , according to  Eqecat . Initially, the estimated risk consulting related to hurricane damage Irene in 2011, which according to Reuters damage generated U.S. $ 15,800 million. The cancellation of over 11,000 flights , the temporary closure of business in New York, the power cuts and the suspension of transport add to the closing for two consecutive days on Wall Street . Beyond these damages, Eqecat also estimated that insurers suffer losses of betweenU.S. $ 5,000 and 10,000 million. But those two events are positioned well away from the consequences of Katrina , which hit New Orleans in 2005. With $ 108,000 damage million, is to date the most expensive natural disaster in the history of the United States. However, the consultancy argues that these calculations are involved in a "tremendous uncertainty" , by the special characteristics of this phenomenon. "It's not just adding up the repayments made ​​by the insurance companies and the cost of uninsured damages, "said Peter Morici , a professor at Smith School of Business at the University of Maryland. To the economist, this disaster "can give a boost to the construction sector "and focus on a" smart reinvestment "that affected areas and improve the lives of those who inhabit them. Despite the damage, Morici estimates that the economic benefit of the reconstruction will be between U.S. $ 27,000 and 36,000 million . However, these positive effects will begin to see in the medium term. 

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