New York state's estimated $41.9 billion cost to clean up, recover and install future preventative measures as a result of Hurricane Sandy includes $5 billion for the Metropolitan Transportation Authority and $841 million for the Port Authority of New York and New Jersey, N.Y. Gov. Andrew Cuomo announced Monday.
After assessing the damage in consultation with private firms and the affected counties, state officials estimate repair and restoration work will cost $32.8 billion, and mitigation and prevention measures will cost $9 billion.
"The devastation caused by Hurricane Sandy is of unprecedented proportions, ranking among the worst natural disasters in our nation's history in terms of loss of life, property damage and economic impact," Cuomo said in a prepared statement.
On Monday, Cuomo held a briefing with the state's congressional delegation, New York City Mayor Michael Bloomberg and county executives from Nassau, Suffolk and Westchester to review a detailed assessment of the damage and the future costs of mitigation and prevention efforts. They discussed the state's approach to seeking supplemental federal assistance to help cover the costs.
"Working together, we will rebuild stronger and better than ever before, so New York state is better prepared and has the infrastructure in place to handle future major weather incidents," Cuomo said.
Late last week, New Jersey Gov. Chris Christie announced a preliminary cost analysis of storm damage in his state was estimated at $29.4 billion. The estimate will be refined in the days and weeks ahead, Christie said in a prepared statement.
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