The Economic Impacts of Hurricane Sandy
Hurricane Sandy caused huge economic impacts on the state of New Jersey. Through losses in employment, resources and national output, the impacts of the hurricane were far reaching and massive. The hurricane impacts on the state, individuals and the local government were harsh and far reaching. The damage caused by the hurricane to public facilities also impacted the economic status of the country and of those affected. The damage to facilities and employment loss resulted in the loss of revenue for the state. The hurricane resulted in the loss of stocks, infrastructure, business premises and public facilities. Wind and flood destroyed buildings while roads, networks and water were also destroyed by the hurricane. The weather also led to the closure of various other amenities such as schools, hospitals and other working facilities following the weather forecast. This was due to the expected loss. Public transport was also hampered by the hurricane.
Despite the negative impacts of the hurricane, there were various other impacts that could be linked to the hurricane Sandy. After the hurricane, new opportunities emerged in the private sector as well as in the construction industry (Walter par. 5). The insurance market also expanded in terms of opportunities as many of the property developers found reason to insure their properties. The stock market closed for two days leading to a loss of more than $ 20 billion. This led to business recession due to the closure of most opportunities. This led to the development of fresh business due to clean up, replacement and renovation efforts. The opportunities for refurbishment were funded by the Federal Emergency Management Agency and insurance funding (Feinberg 51).
Feinberg, Stephen J. Perpetuating American Greatness After the Fiscal Cliff: Jump Starting Gdp Growth, Tax Fairness and Improved Government Regulation. Iuniverse Inc, 51, 2013. Print.
Walter, Laura. “Hurricane Sandy’s Impact on Economic Loss and the Construction Industry.” EHS Today (2012). ProQuest. Web. 17 April 2013. http://search.proquest.com/docview/1124695359?accountid=1611
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