Hurricane Sandy in US may cost economy $50 billion, will this hurt oil prices and MENA economies?
The devastation caused by superstorm Sandy along the U.S. east coast is being projected to about 20 billion dollars in property damages and over 10 billion to 30 billion dollars in lost business, according to a report.
It comes after the 'Frankenstorm' cut power to about 7 million homes, shut down 70 percent of east coast oil refineries and inflicted worse-than-expected damages to the New York transit system, which produces about 10 percent of U.S. economic output.
The MTA (Metropolitan Transportation Authority) has claimed that the transit system could be out of service for the next four days after the storm flooded the metro area and subway tunnels in much of Lower Manhattan, the New York Daily News reports.
Beyond New York, public transport has been severely hampered in several eastern US cities, and thousands of flights have been grounded, the report said.
The storm has primarily affected the big US cities of the Northeast corridor, namely -Washington, Baltimore, Philadelphia, New York and Boston.