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April 20, 2014

Hurricane Sandy Six Months Later—By the Numbers

Six months later, the cleanup from Hurricane Sandy is still a work in progress. The Storm that caused some $50 billion in damage and killed 159 people has not been forgotten by those along the east coast. The following is a snapshot of Hurricane Sandy by the numbers.

From the Property Casualty Insurers of America:

The following is a list of allocated funds by the Department of Interior. The complete list of approved projects can be viewed here.

  • $42.35 million: The amount New Jersey will receive from the Department of Interior. The funds will be used to repair and rebuild parks, refuges and other federal assets damaged by the storm

  • $104.9 million: A portion of this amount will go to New Jersey for multistate projects.

  • $2.85 million: The amount allocated to New Jersey by the Bureau of Safety and Environmental Enforcement to make repairs to the Ohmsett oils pill research facility in Leonardo, New Jersey.

For a look at how the property/casualty industry was affected by Sandy, we turn to theInsurance Information Institute for this chart illustrating the p/c industry net income for fourth quarters from 2007-20012.

The National Hurricane Center and the Federal Emergency Management Agency supplied these Hurricane Sandy funding numbers.

  • $1.4 billion: The amount the Small Business Administration has loaned to homeowners, renters and businesses in New York. New Jersey received $731 million.

  • $3.4 billion: The amount the National Flood Insurance Program has paid in New York claims. Another $3.3 billion was paid in the state of New Jersey.

  • $959 million: The amount the Federal Emergency Management Agency paid out for housing assistance in New York. $387.4 in housing grants was given to to New Jersey residents in need.

For a breathtaking photo essay on the effects of Hurricane Sandy, head to Boston.com.

Risk Management Magazine and Risk Management Monitor. Copyright 2014 Risk and Insurance Management Society, Inc. All rights reserved.

About the Author

Editor

Emily Holbrook is the editor of Risk Management magazine and the Risk Management Monitor blog.

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