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Economic Impact of Hurricane Sandy

Hurricane/Post Tropical Storm Sandy struck the New Jersey coast on October 29, 2012 inflicting billions of dollars of damage.  This report examines potential long-term economic effects of the storm in terms of losses and gains in economic activity.  This impact analysis is for all the counties in New Jersey and the 13 counties in lower New York that that were declared as disaster areas by the Federal Emergency Management Agency (FEMA). Our findings show that most businesses faced only short term business disruptions, with the only exception being the Travel and Tourism industry in New Jersey. We also assume that New Jersey and New York will receive the full amount of the money they estimated to repair and replace damage from the storm.  Another assumption is that reconstruction spending will take four years to complete.

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