The Economic Impact of Hurricane Sandy: A Comprehensive Analysis
Hurricane Sandy, a post-tropical cyclone that hit the Caribbean and the US East Coast in 2012, caused widespread economic devastation. With damages totaling billions of dollars, the storm significantly affected small businesses, infrastructure, and communities in its path, particularly in New York and New Jersey. The aftermath of Sandy underscores the importance of disaster preparedness and resilience in the face of extreme weather events.
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Hurricane Sandy & Her Economic Effects By: Aaron Cole & Trey French-K. Environmental Economics ECON 2505 - D727 Prof. Sean MacDonald
Getting To Know Sandy Hurricane Sandy was a post-tropical cyclone that swept through the Caribbean and up the East Coast of the United States in October of 2012 The hurricane began as a tropical wave in the Caribbean and quickly turned into a tropical storm in just 6 hours. It was upgraded to a hurricane on Oct. 24 when it reached 74 mph winds
A Few Facts About The Storm Hurricane Sandy is the nation s most expensive storm since Hurricane Katrina, which caused $128 billion in damage. The hurricane caused close to $62 billion in damage in the United States and at least $315 million in the Caribbean. New York was most severely impacted due to damage to subways and roadway tunnels. At the height of the storm, over 7.5 million people were without power.
The Effects She Had When the storm roared ashore near Atlantic City at 8 p.m. on Monday, it pushed a record high wall of water into Lower Manhattan and coastal New Jersey, flooding parts of Lower Manhattan, including many subway tunnels, splintering the famed boardwalk in Atlantic City.
The Effects She Had Hurricane Sandy negatively affected 60,000 to 100,000 small businesses Out of 451 surveyed small-business owners in Connecticut, New Jersey and New York The Hartford s insurance company reported that: 52 percent of the surveyed businesses lost sales or revenues. About 75 percent of the businesses had to close for at least one day. Approximately 44 percent of the businesses that closed were shuttered for at least one week. 71 percent of the businesses lost power for at least one day. 65 percent of the owners surveyed said they had customer issues because of Sandy While 47 percent had employee issues and 44 percent had supplier issues
The Effects She Had The high water poured into Lower Manhattan from the harbor and the swollen Hudson and East Rivers, with reports of extensive flooding in Battery Park City, the East Village, near Ground Zero, in parts of Brooklyn such as Coney Island, Dumbo, and Red Hook, and Staten Island. The New York Port Authority is also assessed flood damage at the area s major airports; At LaGuardia Airport in Queens, and flooding was also observed at JFK Airport
The Effects She Had R train s Montague Tube & the L train s Canarsie Tube was flooded with saltwater and severely damaged during Hurricane Sandy The Montague Tube was shut down and repaired in 13 months one month and $58 million under budget while riders found other ways to travel The project to repair the Canarsie Tube is projected to take three years and the MTA is considering shutting down service between Manhattan and Brooklyn entirely to get it done
Toyata Toyota lost a lot of business due to less customer traffic and some delayed purchases by the consumer. To be more exact about $30,000 of the industry in the month of October was lost Toyota had at least four thousand vehicles damaged The Recovery Process It was estimated by some analyst that Toyota s sale would climb back up 20%. Just a year later it was up 16%
Conclusion From our research New York took a major hit with hurricane Sandy, but the city was still able to rebound from it. The government wants to prevent future disasters from storms by having electrical transformers in commercial buildings hauled to upper floors, the ability to shutter key tunnels, airports and subways, and more. Toyota announced a 90-day program first payment program where they would assist consumers in the region
Cite Page Hurricane Sandy Paralyzes New York, New Jersey. (n.d.). Retrieved April 03, 2016, from http://www.climatecentral.org/news/hurricane-sandy-paralyzes-new-york- new-jersey-15188 Six Months After Hurricane Sandy: Have Small Businesses Recovered? (2013). Retrieved April 08, 2016, from https://www.americanexpress.com/us/small- business/openforum/articles/hurricane-sandys-impact-on-small-businesses/ Six Months After Hurricane Sandy, Many Businesses Are Still Struggling to Recover. (2013). Retrieved April 08, 2016, from https://www.entrepreneur.com/article/226520 CNN Library, Hurricane Sandy Fast Facts, Retrieved April 9, 2016, from http://www.cnn.com/2013/07/13/world/americas/hurricane-sandy-fast-facts/ Christopher Robbins, L Train Service Between Brooklyn & Manhattan May Be Shut Down For Years, Retrieved May 12, 2016 from http://gothamist.com/2016/01/13/l_train_tunnel_closure_years.php 11 Facts About Hurricane Sandy Retrieved May 12, 2016, from https://www.dosomething.org/us/facts/11-facts-about-hurricane-sandy Images Retrieved May 12, 2016 from www.google.com
