Superstorm Sandy’s economic and election impact
What will the economic impact be for cities whose public services have been damaged by Sandy? How long will relief efforts take, and at what cost?
Superstorm Sandy is headed north, and for much of the East, the worst is over. But with extensive flooding and major damages to several big cities lining the coast, this is just the beginning of a long entanglement with the storm and the wake of destruction it left.
Power outages are affecting millions of East Coast homes and businesses, New York City subways and tunnels are flooded, underground garages have filled with water, and cities up and down the coast are littered with debris from the storm. Because cities like New York don’t see storms of this caliber often, Sandy came as a surprise, even to local hospitals, whose backup generators began failing last night, forcing evacuations. Even though the storm is passing and the sky is clearing, rescue and rehabilitation efforts are sure to take a good deal of time and money for the cities hardest hit by the storm.
What will the economic impact be for cities whose public services have been damaged by Sandy? How long will relief efforts take, and at what cost? What effect, if any, will this have on the presidential election next week?
Jessica Levinson, Professor of Law, Loyola Law School; Research focus on election law and governance issues
Gregory Daco, U.S. Economist, IHS Global Insight