N.Y.-N.J. Port Authority: Sandy Caused $2B in Damage

The Port Authority of New York and New Jersey will spend more than $2 billion to repair damage from Superstorm Sandy, but the agency’s executive director said last week that the ultimate financial impact should be minimal. At its monthly board meeting, executive director Patrick Foye said insurance policies held by the Port Authority combined with expected reimbursements from various federal agencies, including the Federal Transit Administration and the Federal Emergency Management Agency, should significantly mitigate the cleanup costs.