October 30, 2014

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October 30, 2014

October 29, 2014

October 28, 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.

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