Gov. Cuomo: Superstorm Sandy Could Cost New York State $33 Billion

  Monday, November 12th, 2012 Source: Insurance Journal

Damage and economic losses from Superstorm Sandy will cost New York state $33 billion, Gov. Andrew Cuomo said last Thursday, and come just as state government runs up a deficit. Cuomo called the estimate “a lot of money, even for the state government and federal government.” State tax revenues were missing projections even before Superstorm Sandy hit more than a week ago. Cuomo had projected a $1 billion budget deficit that he said will now likely grow because of Sandy. For comparison, the total state budget is $132 billion a year, including federal funds.

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