|A man on rescue operation (c) mail.com|
The total would include insured losses of about $7 billion to $8 billion, said Charles Watson, research and development director at Kinetic Analysis Corp., a hazard-research company in Silver Spring, Maryland. Much of the remaining tab will be picked up by cities and states to repair infrastructure, such as New York City’s subways and tunnels, he said.
“I think it is disproportionate going into the public sector side,” Watson said by telephone. The real extent of the damage won’t be known until the flood recedes and workers can inspect subway and utility tunnels.
|Wave crash against a previously damaged pier (c) dailymail.co.uk|
The real extent of the damage won’t be known until the flood recedes and workers can inspect subway and utility tunnelsRecord tides from the storm combined with hours of pounding wind and rain to flood electrical substations and shut down New York’s financial district. Consolidated Edison Inc., the city’s utility, killed power last night to parts of downtown Manhattan, including Wall Street, and Brooklyn, as the storm surge, boosted by high tide, sent saltwater pouring into its underground power network.