Indiana State Professor Assesses Sandy Impact
(photo courtesy NASA)
An Indiana economist says the impact of Hurricane Sandy tallies up to about $20 billion.
Indiana State University's Professor Robert Guell says that figure will likely change. Gill says that still doesn't come close to the damage done by Hurricane Katrina, but Sandy tops all other storms. Gill says the eventual impact could top Katrina in terms of lost work days and labor costs.
Gill says the shutdown of the New York City subway system is a big factor. Millions of New Yorkers rely on the subway to get to work and the system is set to remain closed through the week. Gill says emotional trauma is not included in the overall economic impact, but that could certainly greatly increase the economic impact.
Gill says it's unlikely Sandy will impact the economy if the region can get back up and running soon. He says it's only one week so while it'll be noticed, it shouldn't cause a recession. Gill says it'll impact spending on things like electrical switching equipment and other items lost in the storm.