(Reuters) – New York state and New Jersey need at least $71.3 billion to recover from the devastation wrought by Superstorm Sandy and prevent similar damage from future storms, according to their latest estimates.
The total, which could grow, came as New York Governor Andrew Cuomo said on Monday the state will need $41.9 billion, including $32.8 billion to repair and restore damaged housing, parks and infrastructure and to cover lost revenue and other expenses. The figure also includes $9.1 billion to mitigate potential damage from future severe weather events, Cuomo said.
Neighboring New Jersey, which saw massive damage to its transit system and coastline, suffered at least $29.4 billion in overall losses, according to a preliminary analysis released by Governor Chris Christie's office Friday. The preliminary cost estimate includes federal aid New Jersey has received so far.
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