Costs From Sept 11 Could Reach $105 Billion in NYC
Friday, October 5th, 2001 Catastrophe Life & Health Property Workers' CompensationA preliminary report from New York City Comptroller Alan Hevesi pronounced some staggering numbers in the wake of the attack on the World Trade Center, citing it could cost New York City as much as $105 billion by the end of fiscal year 2003. Hevesi said in the Newsday report that the city already has lost $45 billion in the value of buildings and people. More losses of $45-$60 billion are predicted in ongoing costs, including lost economic activity, during the next two fiscal years. As a result of the tragedy, city taxes and other revenue will be $1.3 billion less than previously expected for fiscal 2002 and 2003. Insurance payouts are a major player in the numbers, with Hevesi expecting life insurance payouts of $4 billion, $11 billion in business interruption insurance and $5 billion for coverage such as unemployment insurance, workers‘ compensation and health insurance.
